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NI house price growth slows up House price growth 'slowing down'
(about 2 hours later)
The brakes are still on in the Northern Ireland housing market, according to the latest study. The brakes are still on in the Northern Ireland housing market, the latest study has indicated.
Houses are no longer being sold in a matter of days with prices 25% over the asking price, the report suggests.Houses are no longer being sold in a matter of days with prices 25% over the asking price, the report suggests.
The RICS (Royal Institution of Chartered Surveyors) and Ulster Bank housing survey suggests that inflation has slowed considerably since March.The RICS (Royal Institution of Chartered Surveyors) and Ulster Bank housing survey suggests that inflation has slowed considerably since March.
However, Northern Ireland price growth was still in excess of all other UK regions in June.However, Northern Ireland price growth was still in excess of all other UK regions in June.
Forty per cent of chartered surveyors reported price growth of between 0 and 2% last month and 30% recorded inflation in excess of 2%.Forty per cent of chartered surveyors reported price growth of between 0 and 2% last month and 30% recorded inflation in excess of 2%.
Twenty-one per cent reported that prices remained the same and 9% experienced moderate falls.Twenty-one per cent reported that prices remained the same and 9% experienced moderate falls.
March was the high watermark for price growth since the survey began, with 75% of chartered surveyors recording inflation of at least 5%.March was the high watermark for price growth since the survey began, with 75% of chartered surveyors recording inflation of at least 5%.
RICS NI residential property spokesman, Tom McClelland, said: "We have moved from a situation earlier in the year where houses were selling in a matter of days and often for 25% or more above their asking price, to one now where, by-and-large, houses are achieving asking price or moderately above and where sales are frequently taking weeks rather than days."RICS NI residential property spokesman, Tom McClelland, said: "We have moved from a situation earlier in the year where houses were selling in a matter of days and often for 25% or more above their asking price, to one now where, by-and-large, houses are achieving asking price or moderately above and where sales are frequently taking weeks rather than days."
Mr McClelland said the evidence suggested house prices would grow moderately in the coming months.Mr McClelland said the evidence suggested house prices would grow moderately in the coming months.
He said that the Housing Executive was working to deal with Northern Ireland's housing affordability crisis.He said that the Housing Executive was working to deal with Northern Ireland's housing affordability crisis.