NI property remains good investment

Property in Northern Ireland remains a good investment despite recent falls in house prices.

It has been reported by Nationwide that the average property in the province lost 0.2 per cent of its value in the last three months of 2007.

However, the Royal Institution of Chartered Surveyors (Rics) Northern Ireland, pointed out that this followed two years of "massive house price growth".

Rics also pointed out that the slight downturn in the market may benefit one group of buyers in particular.

"Ultimately first-time buyers could benefit from the change in the market. With investor activity having declined, there is less competition for properties in the sector of the market within the first-time buyers' price range," said Tom McClelland, housing spokesman for the organisation.

"In addition, first-time buyers must be encouraged by the outlook for interest rates," he continued.

Recent figures from Nationwide revealed that the average property in Northern Ireland increased in value by £120 every day in 2007.

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