Homebuyer enquiries in Northern Ireland fell last month at the fastest rate since the early stages of the Covid-19 pandemic, but prices are still rising, according to estate agents.
The latest report from the RICS (Royal Institution of Chartered Surveyors) and Ulster Bank said the cost-of-living crisis and “wider economic challenges” have deterred new buyers from what had been a red-hot housing market, with buyer demand at its weakest since May 2020. Activity was also hit, with the number transactions falling in August, although agents said that will likely tick higher in next three months.
However, the longer-term picture for activity is not as positive with sales expectations “the most downbeat they have been since April 2020” as agents, for the third month in succession, said they expects sales volumes to be lower in a year’s time.
