Monday, September 26, 2005

Foreign workers boost house prices - an opportunity for landlords

23rd Sep 2005, a Friday

Eastern European workers are helping to drive up house prices in Northern Ireland, the Royal Institution of Chartered Surveyors (RICS) has claimed. Tom McClelland, the group's Northern Ireland property spokesman, said the market had bucked trends in the rest of the UK as investors met demand for rental accommodation from skilled migrant staff. McLelland called for higher density building in urban areas in a bid to ease the pressure on first-time buyers.

'We have seen Northern Ireland house prices rise further in the last number of months fuelled largely by investors who are benefiting from a buoyant rental market, with rental demand coming locally as well as from workers from the EU accession countries,' he said.
'We are also seeing more and more educated workers from eastern Europe coming to Northern Ireland, helping keep the economy growing, which in turn is fuelling demand in the housing market.

'Add to this the growing number of health professionals from abroad who are moving from the rental market to become owner occupiers. In Northern Ireland we have tended to build at low density on green fields and around small hamlets, where there is little or no infrastructure, forcing us into cars and creating the growing traffic congestion that we see.'

I'm sure this is the case in other areas of the country too. Build up your contacts with say, Poland, and you can have an endless stream of new tenants through recommendation. It's working for me.

Chris Bell

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