Welcome boost to housing market and construction industry
- November 21, 2017
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It has been announced in recent weeks that house prices in Northern Ireland rose at an annual rate of 6% in the third quarter of 2017.
This is welcome news for the construction industry, housing market and Northern Ireland economy.
It was revealed the house price index is now 19% higher than in the first quarter of 2015.
These figures are from the NI Residential Property Price Index, which analyses almost all sales, including cash deals.
The average standardised price, across all property types, was £132,169.
The figures also revealed there is a big difference in the price growth of new builds and existing houses.
The price of new builds grew at an annual rate of 18.5% while the prices for existing resold houses were up 6% year-on-year.
Commenting on these recent statistics, McGale Kelly partner, Bary McCaul said, “This is good news for the construction industry and the Northern Ireland economy in general.
“The increase in price of new builds at 18.5% is eye watering (might have as more to do with the rise in costs of materials and labour than demand for new builds) but I don’t think we are looking at a property market about to take off like it did in the early 00’s.
“The deposit requirements of banks and building societies and their strict lending criteria should mean that we don’t have another credit “free for all” and this should help keep prices realistic and affordable.
“All in all positive news which might encourage those thinking about buying to take the plunge.”
HERE TO HELP
Whether you are buying or selling a house, renting, remortgaging or even in a dispute with a neighbour it can prove to be a stressful time.
At McGale Kelly our experienced team of conveyancing solicitors are here to ensure that the process is as smooth as possible.
We understand that buying and selling a property can be at times confusing, especially if you have never been through the process before. That is why we are here to help remove all the stress and worries with the knowledge our solicitors will be on hand to manage your case from start to finish.
Always rest assured, the McGale Kelly team are only a phone call away offering advice and information on all matters relating to buying and selling residential property.