The Northern Ireland housing market has shrugged off pressure from a stronger interest rate environment to edge higher, the latest report from industry body RICS (Royal Institute of Chartered Surveyors) has said.
It found a relatively positive market, underpinned by still tight supply, which is outperforming other parts of the UK and agents remained relatively confident for the coming months.
As well as an increase in prices last month, activity has also picked up pace with estate agents reporting the number of transactions has increased. That compares to the rest of the UK where the number of newly-agreed sales has fallen.
Encouragingly, new buyer enquiries in Northern Ireland rose slightly, although instructions to sell remained steady. That picture backs anecdotal evidence which suggested a lack of new supply is underpinning prices.
Agents who responded to the survey said they expect prices to push higher over the next year and those in Northern Ireland were the only region of the UK to predict an increase in sales.
Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, said there is a still an air of cautiousness.
“The housing market in Northern Ireland appeared to be relatively stronger in the month of March when compared to previous recent months, with both sales and prices rising,” he said. “However, surveyors seem to still be cautious looking forward over the next number of months.
“That being said, we are seeing sales expectations pointing to a more stable trend emerging further out. Comparatively, Northern Ireland respondents overall remain more confident about prices and activity over the course of the next year than their counterparts elsewhere in the UK.”
