Latest figures show that house prices in Northern ireland are set to continue falling for the next thre months, although the number of sales is expected to ride, increasing the amount of mortgages sold. Extracts taken from Google hosted news:-
The latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Housing Market Survey said the house price downturn will enter its sixth year in 2012. The downward trend began in 2007 and the survey found that the decline will extend into January, February and March of this year.Larger events, such as the Eurozone crisis, combined with local spending cuts and debt will also affect the housing market. It is also expected that different geographical areas and property types will experience varying effects.
But the RICS found that surveyors quizzed on the sate of the market believe the number of sales of properties will increase. Experts advised that realistic pricing was key to securing a sale, while trends will also vary according to the property type and the location.
Derek Wilson, Head of Lending Products at Ulster Bank, said the bank provided the majority of mortgages for Co-Ownership purchases.
"We also ran a number of campaigns to stimulate demand across the marketplace, including reducing rates and removing arrangement fees for a period," he said.
"As we enter 2012, we are once again actively promoting our range of mortgages and hope to further stimulate demand. This is evidence of our ongoing strong commitment to make competitive deals available to support mortgage demand."