Property prices 'hit the roof' in Northern Ireland

01-Mar-2007

Estate agents in Northern Ireland say first time buyers are becoming almost "hysterical" in their attempts to secure a home.

According to the BBC, local property experts believe the actions of first time buyers desperate to buy a house is driving prices through the roof in cities such as Belfast and other areas across the province.

Developers are also currently conducting campaigns to get hold of real estate for new builds by cold-calling existing homeowners in desirable areas and trying to persuade them to sell up.

Property agent Sarah Cole from BTW Shiells commented: "There are a lot of parents buying houses for their children - even though the kids are still too young to leave home."

She added that many are becoming anxious that if they do not buy a house now: "They won't be able to do it in four or five years when their children are ready for their own place."

A house price index from the University of Ulster revealed this week that Belfast has seen property values increase by 41 per cent during the course of 2006.

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

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