A recent residential market survey from the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank has found that in Northern Ireland house price growth, compared to other areas around the UK, remains strong.
In addition, despite a previous two-month decrease, enquires from new buyers has risen once again leading estate agents to predict another greater rise over the next few months.
Annually, we have therefore seen a steady rise in house prices at 4% with an increase of 3.1% over the last quarter. House prices in Northern Ireland have now reached an average of £163,621. This is a significant increase from statistics released the fourth quarter of 2017 where the average price was £130,484 (Office of National Statistics, 2017).
In the region, semi-detached properties still remain the most popular option for buyers.
There is however growing concern in the market around supply and demand. While demand is increasing data suggests that the number of new properties coming onto the market is falling. Survey respondents noted that the increases in costs of building materials leads to potentially higher prices for new build homes which could signal problems for new buyers.
Despite this, the overall picture surrounding the Northern Ireland property market is significantly more positive than other regions in the UK.
RICS residential property spokesman, Samuel Dickey says;
“The picture presented of the market in Northern Ireland is considerably more positive than in some other UK regions, with prices here reported to be rising and a growing number of potential new buyers active in the market.
Surveyors are also relatively positive about the outlook, but there are a number of factors that could influence these outcomes including a rise in interest rates, a shortage of supply and economic wider conditions. The increased cost of building materials combined with demand for higher quality homes will also act to make new-build properties more expensive.”
You can read the full survey results here.