Posted on Wednesday 7 November 2018 by John Mulgrew

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RICS residential property spokesman, Samuel Dickey

Northern Ireland homes have avoided a UK-wide dip in prices, according to a new survey.

The latest RICS and Ulster Bank Residential Market Survey shows a larger proportion of surveyors pointing to a rise in the average cost of a home.

That was a higher level than anywhere else in the UK, during October.

It says that “Northern Ireland surveyors are also the most optimistic, looking forward. A net balance of 35% expects prices to rise in the three months ahead, while a net balance of 30% expects the number of sales to increase in the same timeframe. Most other regions expect prices and sales activity to fall or be broadly flat in the final quarter”.

In terms of supply, the survey pointed to a slight rise in properties coming onto the market in Northern Ireland for the first time in five months.

RICS residential property spokesman, Samuel Dickey said: “Interest from first time buyers and a strong rental have been two of the factors driving the Northern Ireland housing market, with first time buyers and investors both very active this year.

“Surveyors remain confident about the market, despite political and economic uncertainty, and 2018 is shaping up to have been a more positive picture for the housing market than perhaps was initially anticipated.”

Terry Robb, head of personal banking at Ulster Bank, said: “As the survey indicates, demand remains relatively strong and we continue to see a good-pipeline of mortgage applications.

“Our new paperless mortgage process has generated interest but more fundamentally, interest in the market remains firm from a broad range of mortgage purchasers including first time buyers, home movers and those remortgaging.”

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