Belfast Telegraph

Belfast prices fuel two-tier market

Belfast house price rises are outstripping the recovery in other parts of Northern Ireland.

Significant demand and lack of supply in the city has fuelled the relative surge while the rest of the country has been relatively slow to emerge from the slump, according to the Royal Institution of Chartered Surveyors (RICS).

Spokesman Samuel Dickey said: "Whilst there is a lot of talk about a two-tier housing market within the UK, with London prices surging ahead of elsewhere, it could be said that a similar phenomenon is happening in Northern Ireland, if not to that extreme."

He said that, while demand was significant in Belfast, in other parts of Northern Ireland the recovery was much more tentative.

There are also major disparities between the repossessed sales market and other types of sales.

Mr Dickey added: "Distressed sales, through asset managers and fixed-charge receivers, are all priced to sell.

"On the other hand, vendors tend to be holding out for their own idea of value, which may not match what the market is prepared or able to pay.

"More realistic expectations from vendors on prices will lead to sales."

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