House prices in Northern Ireland are expected to head higher in the coming months as the market recovers from the aftermath of the UK’s mini budget, according to a survey of estate agents.
The RICS (Royal Institute of Chartered Surveyors) monthly report revealed that a majority of agents expect prices to rise in the coming quarter, the most positive outlook since September 2022. The market had been under pressure since then when former Prime Minster Liz Truss and former Chancellor Kwasi Kwarteng’s budget created turmoil in UK financial markets.
Agents in Northern Ireland are more optimistic than other regions of the UK, likely a result of evidence from other property reports which have hinted that a lack of new supply – from both new house builds and new listings – is underpinning prices in the Northern Ireland market.
The RICS said activity – the number of transactions - fell last month but with more enquiries coming forward it will likely grow in the coming quarter.
Samuel Dickey, RICS Northern Ireland Residential Property spokesman, said the market has a more even keel.
“The results of the latest survey point to perhaps more stability in the market with prices rising at modest rates and interest from buyers and sellers improving,” he said. “With both sales and prices expected to edge upwards over the next number of months, it appears that surveyors are also more optimistic about the short-term outlook than they have been, particularly when compared to counterparts elsewhere in the UK.”
When it comes to mortgages, Ulster Bank’s Head of Personal Banking Terry Robb said interest has been relatively strong.
“Despite a range of challenges for borrowers, the mortgage market continues to see good interest from a potential buyers and as we move further into the second quarter of the year, we would expect this to increase, particularly if more properties are coming onto the market to increase available options.”
