Hope for NI first-time buyers

11-Jan-2008

Northern Ireland's first-time buyers could find it easier to buy their first property this year as the runaway housing market begins to cool, experts believe.

Last year saw massive house price inflation in the province, with demand outstripping supply and both domestic and foreign investors taking a keen interest.

And while the property market is expected to remain buoyant despite predictions of a slowdown across Britain, the Royal Institute of Chartered Surveyors (Rics) believes things could get easier for first-time buyers.

"Ultimately first-time buyers could benefit from the change in the market," said Tom McClelland, housing spokesman at Rics.

"With investor activity having declined, there is less competition for properties in the sector of the market within the first-time buyer's price range.

"In addition, first-time buyers must be encouraged by the outlook for interest rates," he added.

Yesterday, the Bank of England resisted calls to cut interest rates for the second successive month, but most analysts expect the base rate to continue on a downward trajectory this year.


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