Good news for property lovers in Northern Ireland the latest RICS and Ulster bank Residential market survey suggests that the NI property prices are rising faster than the rest of the UK. The number of buyer enquiries continues to rise faster than the rate of properties on the market. The result of this demand is that prices are rising in a robust local property market.
Looking forward it is my hope that this increase in prices will see more people thinking about moving. As consumer confidence in property grows, we hope to see more properties available for sale in the spring to service the increased number of house hunters.
While interest rates remain at the record all time low of 0.5% and property prices making a conservative growth conditions for the first time buyers to get on the ladder are in my opinion at their peak. At the moment the first time buyer has numerous options with some very attractive new turnkey developments and some excellent value re development properties currently on the market.
Property investors are back in the local property game. Properties in the £45 – 70k price range are currently offering up to 10% (and sometimes even higher) gross yields and are moving very fast.