Buoyant NI housing market contrasts with other United Kingdom regions

Marco Green
September 14, 2017

"There are no doubt challenges in the economy, including rising inflation, but the latest survey highlights that people continue to want to own their own home and that the outlook for the market amongst surveyors remains quite upbeat".

Coming several days after the Ulster Bank PMI report indicating strong business acitivity in key ahat Northern Ireland business activity grew strongly in certain secors last month, the latest Residential Market Survey from the Royal Inistitute of Chartered Surveyors (RICS) reports that Northern Ireland recorded the strongest growth across the United Kingdom for house prices, with respondents also more upbeat on the outlook.

The housing market is proving to be more resilient in some parts of the country than others, according to surveyors.

"The latest results continue to suggest that the greatest pressure on both prices and activity continues to be felt in prime central London market".

However, in central London the reading is stuck firmly in negative territory, with 56 per cent more respondents seeing a fall in prices, posting the weakest result since 2008.

Paul Bagust, the body's global property standards director, said: "The number of landlords exiting the market due to recent policy changes is concerning, especially given house price rises".

Sentiment in East Anglia and the North East of England was also modestly negative, according to the findings.

Figures show that the headline price balance for Northern Ireland was +51 per cent - meaning that more than half of the surveyors questioned said prices had risen in the past three months. As such, nationally, sales have not seen any growth since November 2016.

Conversely, new instructions have increased in prime central London during four of the last six months, with a relatively large pick-up cited in both July and August.

The deteriorating level of new homes coming on the market means average stock levels on agents' books remain near to an all-time low for the study, Rics said.

Other reports by Click Lancashire

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