A FURTHER slowing of local house price inflation occurred last month, according to a leading study but local estate agents remain confident about the housing market.
“Prices last year were really inflated, and what these figures show is the market getting back to what it should be,” said Anne Moore of Joyce Estate Agents. ”Last year’s high prices were a one off and, of course, July and August are the traditional holiday period. Now that the holidays are over things will really pick up again and we have seen this already right across the board, with bigger houses in particular are beginning to sell well now.”
Ann Kelly of the Robert Wilson Group agreed: “Things slowed down quite a bit in July as usual, although it seemed slightly worse this year because prices were raised so much last year. The market had to slow down and now that summer’s over things are getting busier again.”
She continued: “We are finding more first time buyers coming out again because of the more attractive prices and this should continue as long as the interest rate doesn’t go up - the Bank of England have said they won’t be increasing the rate for the immediate future.”
The RICS (Royal Institution of Chartered Surveyors) and Ulster Bank housing survey revealed that the rate of house price growth in July had eased back for a fourth consecutive month.
Thirty seven per cent of chartered surveyors contributing to the survey pointed to price growth of between zero and two per cent with another 23 per cent recording inflation of over two per cent. One third of respondents reported that Northern Ireland house prices remained the same in July, with a further seven per cent saying that prices fell back by as much as eight per cent.
Source: Lurgan Mail - August 2007
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