Housing Market Cools in Northern Ireland

Posted 2008-01-5

The steaming Northern Ireland housing market appears to be cooling from its record price growth of 24.2% (or an astounding £150 a day) last year. The Royal Institute of Chartered Surveyors (RICS) warns that real estate agents may be forced to work a bit harder to make a sale. Although they expect sales will pick back up in 2008, RICS states that home owners looking to sell also need to be realistic about the price they set for their homes, as the unbelievable price growth from last year has cooled.

Tom McClelland, RICS Northern Ireland spokesperson, explained that this trend could benefit many first time home buyers, as there is “less competition for properties in the sector of the market within the first time buyer’s price range.”

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