ireland

Good To Know Things About Irish Properties
It is of public interest that The Royal Institute of Chartered Surveyors in association with the Ulster Bank Residential Property Division has recently released a report stating the success of the Northern residential property sector. This report also presents to the public the numerous problems that the success of the Irish properties has brought to light.

The Royal Institute of Chartered Surveyors and the Ulster Bank Residential Property Division stated that almost all the surveyors working in the residential property sector thought the prices for property have gone higher this year. The Nationwide Building Society has revealed to the public that strong local demand and national and international demand for investment property in Northern is causing the prices to go up.

For the past six years, residential real estate prices have constantly increased, so the statistics are very positive regarding the Irish properties. The result of this is the fact that more first time buyers are now being priced out of the market in certain popular areas of the country. The difference between the average price of a house in Northern compared to the medium price of property in England is getting smaller and smaller, thus adding to the out pricing of the buyers.

Speaking

about the suburbs of Southern Belfast, one can see that the prices for Irish properties are getting so high so fast, that the first time buyers cannot get onto the property ladder and afford them. One explanation can be the fact that some of the buyers are property investors capitalizing on the lack of money of the people. And this is not at all a good thing! Because fewer people can now afford to buy their first home, these property investors have found that there is a growing requirement for rental property on the Irish property market and are now buying, in order to meet market demand. This can only make the affordability problem get from bad to worse!

So, no matter the problem of these first time buyers, the success of the residential Irish property market seems to continue in the following years. The only solution for these people would be to try to find some properties abroad that they can afford. Nothing can stop the increase of the prices in the suburbs of Northern Ireland. Price gains can’t be sustained and the demanded prices can’t be met either.

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