House prices have stopped falling after 6 years, says Institute of Surveyors

Tue, 13/08/2013 - 11:05 -- Editor

The Royal Institute of Chartered Surveyors (RICS) has revealed that house prices have been stable for 3 months, which is the first time they have stopped falling since 2007.

This will be good news for those wishing to buy their first home, as it may stimulate the market by encouraging existing home owners to offer more properties for sale.

SDLP MLA for Mid Ulster, Party Spokesperson on the Economy and Chair of the All-Party Group on Construction Patsy McGlone has welcomed the ‘glimmer of hope’ in the housing market as revealed in the survey.

“The RICS survey has shown that in July for the first time since 2007 there has been a positive property price balance which indicates that prices have stopped falling. The survey also indicates that 90% of respondents to the survey said that prices had remained the same for the last three months.”

“This apparent sign of stabilisation in the property market provides a glimmer of hope to those who want to buy their first home which is important for growth in the market, not only for second hand homes but also for the construction sector.”

“The RICS are predicting that this stabilisation will last for the next three months which is encouraging news. This is a small step, but it is one in the right direction.”