Hope for ex-pats in NI property market

The cooling of the Northern Ireland housing market could act as a catalyst for the return of ex-pats, property experts claimed…

The cooling of the Northern Ireland housing market could act as a catalyst for the return of ex-pats, property experts claimed today.

The Royal Institution of Chartered Surveyors (RICS) believes rocketing house prices over the last couple of years had been impeding efforts to reverse the 'brain drain'.

However it said the more realistic asking prices of recent months, coupled with Northern Ireland's improving economy and the return of power-sharing at Stormont, could make a return home both more attractive and feasible.

Employment and Learning Minister, Sir Reg Empey, mounted a campaign at air and sea ports highlighting the advantages of a permanent return home to the thousands who travelled back to their roots for the festive season.

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And RICS Northern Ireland director Ben Collins said the cool-off in house prices could be an important factor in addressing skills shortages in certain industries.

"Thousands of Northern Ireland natives living elsewhere came home for a Christmas and New Year holiday and might be enticed to make a permanent move back by our relative economic prosperity and more stable society," he said.

"In addition, they will now see that the house price 'spike' is behind us and that asking prices are now more realistic and affordable than they have been."