NI house price inflation 'hits 36%'

07-Feb-2007

Property costs across Northern Ireland have risen by significantly more than the UK average, which may potentially affect the region's first time buyers.

According to data provided by the Royal Institution of Chartered Surveyors (Rics), despite UK house price growth of around ten per cent, house prices in Northern Ireland have grown at an average rate of 36 per cent over 2006, which may limit the ability of first time buyers to find a place on the property ladder, reports the BBC.

To find out about all the different ways of financing a first home, see our section ‘Affording Your First Home’.

However, a number of other European countries have experienced a downturn in their domestic housing market, with house prices in Italy and France falling by four per cent and seven per cent respectively.

"Fears of a considerable house price slowdown in the UK, Spain and the Republic of Ireland … once again proved to be off the mark," said Tom McClelland, Northern Ireland spokesman for Rics.

"The UK market as a whole performed well … but it was Northern Ireland at 36 per cent that was the real powerhouse of Europe," he added.


Rics has a membership base of 120,000 and is a source of knowledge within a number of fields, including property and construction.

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