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15/12/2009
House Sales Growing, But Trend Still Slow
A recently published survey has indicated that house sales in Northern Ireland have increased.
However, the Royal Institution of Chartered Surveyors (RICS) survey said sales are still well below normal levels.
While the survey attributed the rise in sales to first-time buyers and investors, it also revealed that around 80% of those surveyed expected no further increase in the next three months, with the housing market traditionally remaining quiet over Christmas.
According to RICS spokesman Tom McClelland, concerns about the impact of public spending cuts could further damage recovery in the market.
"Activity in recent months has strengthened but there remains, understandably, caution in the market," he said.
"There are significant economic challenges to come, particularly relating to cuts in public sector expenditure and the ending of the stamp duty holiday is not a welcome development for the housing market."
A number of recent surveys carried out in Northern Ireland have suggested that while the house crash in the country may be reaching its end, a recovery in prices and transactions will not be swift.
(NS/BMcC)
However, the Royal Institution of Chartered Surveyors (RICS) survey said sales are still well below normal levels.
While the survey attributed the rise in sales to first-time buyers and investors, it also revealed that around 80% of those surveyed expected no further increase in the next three months, with the housing market traditionally remaining quiet over Christmas.
According to RICS spokesman Tom McClelland, concerns about the impact of public spending cuts could further damage recovery in the market.
"Activity in recent months has strengthened but there remains, understandably, caution in the market," he said.
"There are significant economic challenges to come, particularly relating to cuts in public sector expenditure and the ending of the stamp duty holiday is not a welcome development for the housing market."
A number of recent surveys carried out in Northern Ireland have suggested that while the house crash in the country may be reaching its end, a recovery in prices and transactions will not be swift.
(NS/BMcC)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
