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 Belfast's property market is cooling down, according to a leading expert on the region.
Like much of the UK, Northern Ireland has enjoyed a sustained period of property growth, but now, with a large number of buyers priced out of the market, sellers are finding they need to reassess their asking price.
That is the view of Greg Vaughan, partner at Patterson Miller, who says the residential market in Belfast is now "overheated", particularly within the buy-to-let sector.
While acknowledging the "rapid" increase in values historically, Mr Vaughan said there had "definitely been a cooling in house prices since Easter".
"What probably happened is the market got overheated a bit. Too many investors piled in; a lot of people buying up for buy-to-let."
Now, with the base rate on the increase and no sign of the upward trajectory stopping, Mr Vaughan believes the buy-to-let market is set to slow down.
The Bank of England voted six to three to increase the base rate earlier this month, with the interest rate currently pegged at 5.75 per cent.
Julian King of National Homebuyers, the UK's leading company proving homeowners with a 'sale home quick' solution says, "Belfast is the next in a chain of areas with falling property prices".
National Homebuyers are contacted by thousands of people each week who want to sell their property quickly because they are worried about falling property prices.
"The level of enquiries we receiving in an area are a good indictor of what's happening in the market.
"We have been receiving thousands more calls from ears such asMelton Mowbray, areas around Nottingham and York ahead of the reporting of falling prices. We sympathise with people caught up at the start of this dramatic slowdown.
"It will continue well into 2008".
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