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Houses prices on the rise

House prices across Newry and Mourne are on the rise. That’s according to the spokesperson for local estate agents Digney Boyd who said the company has noticed house prices in Newry and the surrounding areas have been steadily increasing since August last year. “Our clientele is varied but there is a considerable amount of first time buyers on the market. There is a shortage of rental properties in the Newry area but demand for houses is rising,” said the spokesperson.  The spokesperson added that people seem stuck with large houses which were bought during better economic time and homes valued at £200k of more are not selling well. This comes on the back of a survey carried out by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank which has revealed that house prices are predicted to rise in 2015, by as much as 4 per cent average. This is above the 3 per cent  average for England Scotland and Wales. The survey suggests that demand in the local housing market remains healthy, but it also highlighted that new buyers are continuing to rise faster than the number of people at the point of selling, which indicates that there is a continuing lack of choice on the market. According to the report, December was the nineteenth consecutive month of price increases. The Government’s overhaul of Stamp Duty, which will result in a cut in Stamp Duty may lead to a further increase in the number of house sales and prices. RICS Northern Ireland spokesman Samuel Dickey said: “The local housing market is expected to benefit from the reform of stamp duty with the large majority of home buyers here paying less of the tax. This will help encourage activity. In terms of prices the gap between demand and supply is creating upward pressure. However the slowing economic recovery and public spending environment will present challenges for the market.” Ulster Bank has noticed the demand for mortgages, particularly towards the end of last year. Head of Lending Products at Ulster Bank Derek Wilson said: “Ulster Bank saw mortgage demand remain strong in the final quarter of 2104, and we expect that to continue into this year, particularly from the home mover and first time buyer segments. We have a range of mortgage options available at historically low levels and we remain committed to lending to all sectors of the market.”
Newry Democrat
20th January 2015