Thursday, January 03, 2008
By Helen Carson
Northern Ireland first-time buyers and investors alike will have the pick of the properties with more stable prices in 2008, it was claimed today.
Housing experts say it is still a buyers' market, despite the quarter of a per cent interest rate drop at the end of last year.
Conor Mallon, director of Newry-based Best Property Services, said: "It is a buyers' market and this year could offer first-time buyers the chance to get their first set of keys in their hands."
Mr Mallon said many buyers have adopted a 'wait and see' approach while sellers are unsettled by the lack of demand and are willing to look at reasonable offers.
"The ball is in the buyer's court and those who can identify the right level at which to pitch an offer to interest the seller could grab a property at good value," he added.
And there could be opportunities for investors too. Letting specialist Belvoir! say the current market conditions mean canny investors could snap up properties for the right price.
Mr Mike Goddard, chief executive of Belvoir! - which has offices in Belfast - said high demand for rental properties falling interest rates and rising rents means now is the time to buy.
"The canny investor is, indeed, rubbing his hands together at present, as there has never been a better time to invest in buy to let if you get it right," said Mr Goddard.
Meanwhile, Braemore Property Management is urging sellers struggling to get offers to consider renting out their property rather than selling.
Jo Gavigan, branch manager for the company, said: "Letting the property still allows you to generate some income towards mortgage payments while it still gains in capital - until the time is right to selling again."
Ms Gavigan said property in Belfast is still a sound investment with the buy-to-let market helping to fuel growth.
Well, its starts well and gets more deluded as the article progresses.