The cut in interest rates has presented an opportunity for first-time buyers in Northern Ireland.

The Bank of England's Monetary Policy Committee's decision to cut interest rates by a quarter of a per cent to 5.5 per cent may be enough to entice property investors back following the recent dip in prices here.

Steve McGuinness, Investor and director of Belfast-based Property One, said the new rate is good news for investors who will want to get back into the marketplace but he warned first-time buyers to act quickly: "When I hear what sellers are accepting, it is really low.

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I think now is a good time to buy and seasonality has come back into the market again.

"The rate adjustment to 5.5% coupled with rising rents will mean borrowing is a better option than renting."

Ben Collins director of the Royal Institution of Chartered Surveyors Northern Ireland welcomed the move he said it would provide "some relief" to homeowners due to refinance their mortgages in the next year.

(GK/JM)