11 Jan

Rics: NI market to open up for first time buyers

Rics: NI market to open up for first time buyers

First time buyers will find the Northern Ireland housing market increasingly accessible next year, according to the Royal Institution of Chartered Surveyors (Rics).

A study of the Northern Ireland market during 2006 and 2007 revealed what Rics dubbed massive house price growth" with the price of a property increasing at over 24 per cent - the highest rate in the country.

This had meant that first time buyers had found deposits hard to raise and were frozen out of the market.

However, according to Tom McClelland, housing spokesperson for Rics Northern Ireland, indications that price growth is moderating in the county spells good news for those mulling a first house purchase.

He said: "Ultimately first-time buyers could benefit from the change in the market.

"With investor activity having declined, there is less competition for properties in the sector of the market within the first-time buyer's price range."

He added: "In addition, first-time buyers must be encouraged by the outlook for interest rates."

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