House price rises hit first-time buyers
Published January 19th, 2006
First-time buyers will be squeezed yet again as Ulster’s property market rises further, it was predicted today.
A new report by the Irish Auctioneers and Valuers’ Association (IAVA) claims property values, which reached record-breaking levels last year, will do the same thing in 2006, albeit at a slower rate.
Industry experts predict rises of anything between six and 10%.
The average house price in Northern Ireland was just under £140,000, according to the most recent 2005 research, with studies recording property price rises between 15 and 20% provincewide.
But the new findings indicate those trying to get their foot on the first rung of the property ladder will still have to dig deep to pay for a deposit and mortgage.
“First time buyers are being priced out of the market,” said Alan Cooke, IAVI chief, who points out investors have been bullish in pushing house prices up, particularly in Lisburn, Antrim and Co Londonderry.
The report attributes the boom to strong investor activity and rocketing land prices, but all this and no rise in wages will add to the first-time buyers’ misery.
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