House prices in Northern Ireland rose between 5-8% during the month of November according to almost half of local Chartered Surveyors, as reported by the Belfast Telegraph in an article by Maureen Coleman published on their website.
The figures were revealed in a leading property survey by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank, which also showed that 9% reported growth of 8% or above. A total of 80% of Chartered Surveyors reported price increases, with only 20% reporting no change in price or modest falls. The survey suggests that average price increases in the month were around 4%.
RICS Northern Ireland residential property spokesman, Tom McClelland, said that demand in the market was continuing to outstrip supply: "On the whole, house price inflation in Northern Ireland during November continued to be strong, although there are signs that it has slowed from the phenomenal highs of a couple of months ago. In many areas, the limited supply of houses for sale, coupled with high demand, particularly from investors, is resulting in competitive bidding and as a result, prices are being driven higher. However, seasonal variation means that growth is not as dramatic as was witnessed in August, September and October."
Ulster Bank head of mortgages, Derek Wilson, said that house price growth during 2006 had trounced expectations: "Local house price growth in the last 12 months has been explosive, with estimated price increases of up to 65% in some areas. Home owners and many investors have enjoyed major returns as a result. The market is clearly continuing to perform well, with the buoyancy of the buy-to-let market a key factor. Recent interest rate hikes haven't yet had a major bearing on the market due to strong employment conditions and a robust economy."
More than 80% of Chartered Surveyors contributing to the RICS and Ulster Bank survey reported price increases during the month. Only London and the South East of England amongst the other RICS UK regions witnessed strong growth in November, with other regions enjoying more modest rises.
