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One of Ireland's largest estate agents has expanded into Northern Ireland by buying Belfast-based Simon Brien Residential (SBR).

Sherry Fitzgerald has about 100 offices employing more than 500 people.

SBR has offices in Belfast, Newtownards and Holywood; it will continue to trade under its existing name.

Sherry FitzGerald said the deal was a "strategic move" and it intends to extend the SBR branch network through its own offices and franchises.

Steven McKenna, chief executive of Sherry FitzGerald Group, said: "Together with Simon and his team, we aim to establish the foremost estate agency network in Northern Ireland."

Simon Brien, Founder of SBR said: "While it will be business as usual across our offices, we now have the chance to collaborate with unified strength, networks, and technology."

The most recent official figures suggests house prices have been increasing in Northern Ireland despite higher interest rates making mortgages more expensive.

In the third quarter of 2023, prices were up by 3.1% compared to the second quarter and were 2.1% higher than the same period last year.

Some analysts suggest the relatively strong price performance in Northern Ireland reflects a weak supply of properties coming onto the market with a significant slow down in the number of new houses being built.

Official figures suggest fewer than 4,000 new houses were completed in the first nine months of 2023.

That compares to more than 5,000 during the same period in 2021 and 2022 and is also lower than the same period in 2020 when construction work was significantly curtailed by the pandemic.