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Realistbear

House Prices Surging By "huge" Amounts In N I

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http://u.tv/newsroom/indepth.asp?id=76484&pt=n

MONDAY 04/09/2006 14:45:48

Huge NI house price rises continue

Average house prices in Northern Ireland surged by more than most annual family incomes last year, a new report has revealed.
By:Press Association
And as the
astonishing boom in property values showed no sign of relenting
, experts identified investors as a main reason for the spiralling values.
The University of Ulster`s latest Quarterly House Price Survey found Lisburn was again the most expensive location, but Ballymena and Antrim recorded the fastest annual growth, with a
remarkable
48%
increase
.
Click here to find out more!
Although all property types went up, terraced and townhouses jumped the most (31.5%) to an average of nearly £128,000.
The study, produced in partnership with the Bank of Ireland and Northern Ireland Housing Executive, revealed that prices grew at around 25% a year between April and June to now stand at nearly £163,000 on average.
It means that over 12 months the typical cost of a home rose more than £31,000, above the median income of £30,000 a year per household with a mortgage.
Professor Alastair Adair, one of the report authors, emphasised the role being played by investors.
He said: "A key feature of the housing market is its
ability to sustain high rates of growth
over several successive quarters.
"Demand has been particularly strong with home-buyers often in competition with investors, while the supply of properties on the market is relatively fixed."
During the second quarter the survey covered 2,285 housing transactions involving more than 100 firms of estate agents right across Northern Ireland.
Bank of Ireland`s Head of Research in Northern Ireland, economist Alan Bridle, predicted the exceptional growth rates would persist,
at least for a while.
He said: "Tales of limited supply, lengthy queues for new releases and gazumping have been gaining even greater currency in recent weeks.
"To give some measure of the scale of house price rises, average prices now at nearly £163,000 have
risen by almost £70,000 in just four years."

Now that investors are competing with homebuyers prices should continue to rise at around the 48% level for some time despite no increases in regional salaries and a slowing economy. :blink:

This is a true frenzy. I wonder if the EAs are playing jungle beat music in the background to raise the temperature of the frenzied buying? Nothing like a strong frantic rhythm to get the sheeple frothy and frantic to get in.

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http://news.bbc.co.uk/1/hi/northern_ireland/5312424.stm

Last Updated: Monday, 4 September 2006, 12:21 GMT 13:21 UK
NI house prices show sharp rise
House prices
The average price of a home in Northern Ireland continues to rise by 25% - or
£600 a week.
The latest quarterly house price index, compiled by the University of Ulster, showed the average price of a home has hit £162,821, £31,000 more than 2005.
The report said the boom in property prices
"showed no signs of weakening"...../
He said: "Tales of limited supply, lengthy queues for new releases and
gazumping
have been gaining even greater currency in recent weeks.

The greatest property boom in world history? With no signs of weakening prices there will soon overtake the south and the UK mainland? Still time to get in and make a ton of dough as there are no signs at all of weakening--they can keep this up for years--until at least Tulip time next Spring.

Edited by Realistbear

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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