Belfast property market offers 'sustainable growth'

25 July 2007
There is a "real appetite for growth" in the Belfast property market, according to an industry observer.

Greg Vaughan, partner at chartered surveyors and commercial property agent Patterson Miller, predicted that a general sense of moving forward is impacting on the property market in the Northern Irish city.

"You can see the improvements all the time," Mr Vaughan said, adding that locals have got used to a certain lifestyle which they did not have in the past.

He noted a "general consensus" that people want to move forward and forget about the past "a wee bit".

"And I think that will continue to feed back into, not just the property market, but all the business sectors," Mr Vaughan predicted.

He also welcomed a slowdown in the property market in Northern Ireland, as the preceding growth had been "unsustainable".

Mr Vaughan concluded: "But if it now cooled off to a sensible level, then we can look ahead to five, ten years of sustainable, genuine growth, rather than this bubble effect."

The latest Halifax House Price Index shows that the eight UK towns that experienced the biggest house price growth over the last year are all located in Northern Ireland.

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