Most surveyors who were asked for their views for the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank report said that prices had continued going up between January and March
House prices are continuing to climb in Northern Ireland with the net few months tipped to bring further increases, a survey showed today.
Most surveyors who were asked for their views for the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank report said that prices had continued going up between January and March.
And many expected the rise to continue over the second quarter, as demand continues to outstrip supply.
Surveyors were reporting growth in enquiries from new buyers although there had been no corresponding increase in instructions to sell during March.
But while sales were flat in February, some surveyors did a report a rise in newly-agreed sales in March.
However, a lack of supply was affecting optimism, with a decline in the numbers of property professionals who expected sales to go up in the next few months.
According to the separate property price index from Land & Property Services, the average house price in Northern Ireland increased by just under 8% over the 2021 to reach £159,151.
Samuel Dickey, RICS Northern Ireland residential property spokesman, said: The first quarter of the year saw the continuation of a story that has been evident in the NI housing market for some time – prices rising as a result of demand for homes being strong and supply not meeting that demand.
The lack of stock has been apparent for many months and as such we’re seeing this drive prices up across all categories, with expectations this will continue in the next three months, he said.
He said: Consumers are facing rising prices, and rising interest rates have begun to push up the cost of mortgage finance.