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A residential market survey has revealed that house prices in Northern Ireland continued to rise throughout September.
According to the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey, house sales and prices have increased but the number of potential buyers in the market was broadly flat.
A net balance of 19 per cent of NI-based respondents noted an increase in house prices in the September survey, up from nine per cent in August. This was the lowest the figure has been, outside of Coronavirus restrictions, since 2013.
Looking to potential future price increases, a net balance of 40 per cent of NI respondents expect a rise in prices over the next three months.
The number of house sales in Northern Ireland was reported to have picked up in September, having fallen for the previous three months. However, current demand was said to be broadly flat, with a net balance of minus three per cent of Northern Ireland respondents reported regarding the number of newly agreed sales.
According to respondents, more properties are coming onto the market. At 18 per cent plus, the net balance for instructions to sell was at its highest during September in over two years.
Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, said: "The sales market in Northern Ireland appeared to be relatively stronger in the September survey when compared to previous recent months, with both sales and prices rising. The Northern Ireland picture certainly appears to be stronger than elsewhere in the UK and surveyors here are more confident in the outlook than their UK counterparts. We also continue to hear anecdotally from local surveyors that the rental market continues to growth apace with extremely strong demand from good-quality applicants. The big issue in the rental market is supply, with an increasingly large number of applicants per property."
Terry Robb, Head of Personal Banking at Ulster Bank, added: "At Ulster Bank, we have seen good post-summer demand for mortgages. We know that many people in Northern Ireland continue to want to own or move home, and we are working to support customers with their homebuying aspirations."
