Belfast Telegraph

Thursday 18 September 2014

Housing market crisis set to worsen as prices keep falling

RICS’s Tom McClelland said the freezing weather will further dampen a market hit by rising unemployment and the fear of cuts in public spending

The crisis in Northern Ireland’s housing market is getting worse, says the Royal Institution of Chartered Surveyors.

The latest housing market survey reports from RICS and the Ulster Bank suggest that prices will continue to fall, as will transaction volumes.

The survey recorded a net balance of minus 67 of chartered surveyors reporting price rises or price falls.

There is a net balance of minus 50 for those surveyors expecting prices to rise or fall in the next three months.

And there is a net balance of minus 10 for those who expect transaction levels to rise or fall in the next three months.

RICS Northern Ireland housing spokesman, Tom McClelland said: “We are all well aware of the factors that have been impacting on the local housing market, including |rising unemployment, the fear of cuts in public spending, and uncertainty linked to events in the Republic of Ireland. And the recent freezing

weather will only have acted to further deter all but the most eager buyers for now.”

Derek Wilson, head of lending products at Ulster Bank, added: “We continue to see demand from first-time buyers, but it is the remortgage market where we think there is potential for a significant increase in activity.”

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