Advertisement

  1. ITV Report

NI house prices continue to rise as confidence in market remains high

While confidence in the market remains high, concerns have been raised about supply with not enough properties to meet the demand. Credit: UTV

Confidence in Northern Ireland's housing market remains higher than elsewhere in the UK.

That’s according to the latest RICS and Ulster Bank Residential Market Survey.

Surveyors expect to see an increase in the number of houses sold over the next three months, while a net balance of +58% expect a rise in activity over the year ahead - the highest rise in the UK.

Northern Ireland is in contrast to other regions, particularly London, where sales expectations are in negative territory.

Northern Ireland house prices have also continued to move upwards according to respondents, with a net balance of +60% of surveyors here saying that they had seen a rise in the past three months.

This was the highest price balance in the UK, and the highest recorded here in almost three years.

"The main challenge though is that there are not enough properties to meet the demand."

– Samuel Dickey, RICS

Northern Ireland surveyors also remain positive about the outlook for prices in the coming months.

RICS Residential Property Spokesman, Samuel Dickey, said: "Unlike in other parts of the UK, surveyors in Northern Ireland are seeing prices rising and are remain confident about the outlook. With houses in Northern Ireland more affordable than elsewhere, people continue to want to buy their own home.The main challenge though is that there are not enough properties to meet the demand."

Terry Robb, Head of Personal Banking at Ulster Bank, said: "At Ulster Bank we continue to see strong demand from first time buyers, those seeking to remortgage, and people moving home. It's clear that Northern Ireland's housing market continues to display more positive sentiment than the UK average. Despite the recent increase in interest rates by the Bank of England, mortgage rates remain at low levels historically and we anticipate good demand through the remainder of the year."