Friday, May 26, 2006

The NI house market continues to rise ... and rise ...

Bad news for Wayne Ordinary American who is trying to buy a house in Northern Ireland at the moment.

A Belfast Telegraph survey shows (and a quick browse through confirms), there are now very few properties on the market for less than £100,000. In one particular example, some Housing Executive properties were sold off in Co. Tyrone for £60k last year, and are now valued at over £100k.

(c) www.CartoonStock.comHouse prices have been rising for the last ten years, and have been concentrated on the main dense population areas. But recently, the sharp increase in prices is affecting a much wider area.

This rise may be due to the increased amounts of money that banks and building societies are willing to lend - allowing first time buyers to pay more, and encouraging estate agents and sellers to allow asking prices to creep up.

(Umm. Today’s blog entries are brought to you by the word survey.)

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