Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Enquiries to buy homes in NI hit highest levels

Northern-Ireland

The growth may be explained by the extension of the stamp duty holiday announced early last month

Enquiries from people thinking about buying a new home in Northern Ireland (NI) were the highest on record last month, according to a study.

The Royal Institution of Chartered Surveyors (RICS) said all members questioned for the survey, carried out with Ulster Bank, reported an increase.

The growth may be explained by the extension of the stamp duty holiday announced early last month.

According to the report, more homes were sold in March compared with the month before.

That left surveyors optimistic for the future, with most expecting the number of houses sold to increase over the next quarter.

But even with more homes being put on the market, anecdotally, there does not appear to be enough to meet demand.

Large numbers of surveyors also reported rising prices in March, with most expecting them to jump further in future.

RICS spokesman Samuel Dickey said: The results from the latest survey suggest the decision by the Chancellor to extend the stamp duty break and then taper its expiry has had some impact on demand and activity.

However, underlying demand was already strong, with people making up for lost ground from last year and many seeking to move for more space, he said. The survey’s indicators suggest that demand will also remain strong in the months ahead. One of the concerns in the market, though, continues to be limited supply.

Terry Robb, head of personal banking at Ulster Bank, added: March completed a strong quarter for mortgage demand. Despite the restrictions in place during the quarter, people have continued to apply for mortgages and move forward with home purchases and house moves. Of course, there are remortgages happening as well.

Robb said: Looking to the three months ahead, our pipeline suggests that mortgage activity will continue to be strong.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.