Northern Ireland’s housing market appears to be weathering the pressures from rising interest rates, inflationary pressures and a jittery economic outlook, according to two market surveys released this week.
The latest report from industry body RICS (Royal Institute of Chartered Surveyors) reported the average price of a property in the province is edging higher despite a fall in new buyer demand, in sales and in the number of listings. It surveys estate agents who said the rate of price rises is at a much reduced rate to previous months and that there is a growing likelihood of a fall in prices in the next few months.
Meanwhile, University of Ulster’s Northern Ireland Quarterly House Price Index, carried out in collaboration with the Northern Ireland Housing Executive and Progressive Building Society, found prices were unchanged over the last quarter. It said the heightened affordability pressures for potential buyers has reduced market activity but, despite there being no price slide yet, there are some segments of the market which will “invariably, albeit gradually, see the market prices start to realign over the first half of 2023.”
