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NI house prices top UK for speed NI house prices top UK for speed
(40 minutes later)
Northern Ireland house prices rose faster last month than anywhere else in the United Kingdom, according to a new survey.Northern Ireland house prices rose faster last month than anywhere else in the United Kingdom, according to a new survey.
Prices rose at their fastest pace since last June, a Royal Institution of Chartered Surveyors survey states.Prices rose at their fastest pace since last June, a Royal Institution of Chartered Surveyors survey states.
The survey, carried out with the Ulster Bank, showed price growth as high as more than 8% last month. The survey, carried out with the Ulster Bank, showed price growth as more than 8% last month.
Political progress and the feel good factor of economic strength will maintain that growth, the report said.Political progress and the feel good factor of economic strength will maintain that growth, the report said.
About 96% of surveyors reported increases during March - 75% reported price rises of at least 5% and a third of surveyors reported growth of more than 8%.About 96% of surveyors reported increases during March - 75% reported price rises of at least 5% and a third of surveyors reported growth of more than 8%.
The news may be good for investors but could prove disastrous for first-time buyers.The news may be good for investors but could prove disastrous for first-time buyers.
Chief mortgage advisor for the Ulster Bank, Derek Wilson said a significant shortage of homes was a major feature in pushing up prices.Chief mortgage advisor for the Ulster Bank, Derek Wilson said a significant shortage of homes was a major feature in pushing up prices.
"Coupled with strong economic conditions, the under supply of homes is a considerable factor in the price growth that we are seeing and is likely to sustain further growth into the coming months, despite the likely prospect of a further interest rate hike," he said."Coupled with strong economic conditions, the under supply of homes is a considerable factor in the price growth that we are seeing and is likely to sustain further growth into the coming months, despite the likely prospect of a further interest rate hike," he said.
The fact that properties at the lower end of the market were proving attractive to investors, only made things worse for first-time buyers, he said.The fact that properties at the lower end of the market were proving attractive to investors, only made things worse for first-time buyers, he said.