Eager buyers help drive housing market higher – RICS

Eager buyers help drive housing market higher – RICS


Signs of an uplift in the Northern Ireland housing market have emerged in the form of a boost to homebuyer demand, according the latest residential report from RICS and Ulster Bank.

Demand rose during May at the fastest rate since the end of 2021, helping to underpin and push prices higher, the survey of estate agents found.

At the same time, the supply of new stock – both new and resale – also increased, although agents said there is still not enough to meet the level of buyer enquiries.

With that in might prices are expected to continue to head higher in the coming months, at odds to the less buoyant picture in other parts of the UK.

“We saw through May that demand for housing remains strong, and whilst supply was also on the up, interest for residential property is still outstripping available properties,” Samuel Dickey, RICS Northern Ireland Residential Property spokesman, said. “It’s encouraging to see surveyors reporting an increased number of new builds coming to the market anecdotally, despite reported challenges with planning delays and the ongoing waste water infrastructure deficit.

“Overall, Northern Ireland respondents are still more confident about prices over the next 12 months than their counterparts elsewhere in England, Scotland and Wales, anticipating further upward movement.”

The RICS survey chimes with at recent Ulster University report which showed that Northern Ireland house prices held steady in the first quarter of this year.

It put the average price of a house here at £206,754, up 2.4% on the same period in 2023.


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