So, what’s your view? Are prices in Ulster set to continue their blistering pace, or will they cool…

Surely

Dave - on what do you base your "surely" comment ? Property in Belfast & N.I. in general has been growing in double digits for the last 8-10 years. This is old news - Property Secrets will lose credibility in my mind if they try to give the impression that this is just the start of a new growth cycle. N.I. property is now pricing 1st time buyers out of the market and we all know what happens when that starts to bite!!

This is not just an article about 'news' - it's looking at the market in Ulster and asking a question. As to whether the pace of growth can continue - and 30% has certainly not been seen in the last few years, Sam - clearly, it can't be, not in my view anyway. The question then is, is there still sufficient room for growth to make this an attractive off plan location in the next few years? Cheers

'Just wondering why Property Secrets didn't identify this as a viable opportunity and investigate some developments two or three years back when the growth was ahead.

Robert - quite simple really - simple economics - Property Secrets don't stand to make anything like as much money on UK investments. We're all comfortable buying UK property directly from the developer, we know the processes & legal system etc whereas P.S. make their money in Eastern Europe where we're not so comfortable dealing directly. (Call me a cynic !)

Sam. I don't know whether what you say is true or not. However if it is then its just logical isn't it rather than cynical? If they can 'add value' to the process of buying then its worth their while but if they can it's not. What's the problem?

I live in belfast ... the recent "explosion" in house prices is news. Prices in the UK averaged around 4-6% last year. In South Belfast / Lisburn they were running at around 44%. That's around 8-10 times the UK average (and not from a particularly small base price either!!) As to whether or not you can get an off-plan bargain, the answer in my opinion is definitely No. The developers here are well aware of that growth in prices is exceeding interest rates by an significant factor and are not releasing new builds until they are virtually finished. This is what I'm hearing anyway. I'm not looking for a property and so haven't researched the market. If you want to buy an old property here it's also difficult as in the 'good' areas properties are going for 15-25% over asking prices. The other downside is that N. Ireland is still subject to rates. This means that the landlord and not the tennants are liable. That would be ok if the rental returns were producing decent returns. Sorry to be so negative. But I just wanted you to know the downsides. On the upsides it may well be that this market will follow Dublin and the rest of Southern Ireland and prices go to silly levels. Also new businesses are coming into the province and the government has go incentives to encourage more. Also North Belfast has still got bargains and some nice properties near to the Antrim Rd. (This area used to be the top area in Belfast until the troubles). However the prices are lower than south Belfast because of the 'dodgey' surrounding areas. It however may improve but it will take a few years.

Have to agree with "snail" on this one. As an estate agent living and working in Northern Ireland I can confirm his comments on builders. They have now virtually stopped selling off plan to prevent investors from capitalising on the rapidly rising prices. It was not unusual for someone to pay a £1000 deposit to book a unit on a new development and sell it on before completion for profits of £20-£30,000. Now the builders are holding off releasing stock until after the house is finished in the hope that lack of supply will drive prices even higher and when they do eventually decide to sell they will maximise their return. We have the crazy situation of builders NOT wanting to sell their houses as they increase the value by creating the shortage. first time buyers have largely disappeared. rent levels are fairly static with a glass ceiling of around £450 per month for anything. We are selling houses to investors at say £185,000 for a 3 bed semi that will bring in around £425 per month in rent. That gives a GROSS yield of 2.75%. Hardly the stuff dreams are made of! Any significant rise in interest rates will have a profound effect on the BTL market. Most of these properties are being bought by amateur investors who are prepared to subsidise the rent/mortgage from their own incomes in the short term provided the gap isn't too large. They will very quickly desert the market when increased rates leave their shortfall unsustainable. Tread with caution!