House prices in Northern Ireland continued to rise throughout 2018 while the UK average fell, according to a new report by the Royal Institution of Chartered Surveyors.Northern Ireland's housing market has reacted differently in the past several months compared to the rest of the UK, with prices now reportedly outperforming the UK average by a considerable margin. This information doesn't come directly from housing sale data but rather the November Residential Market Survey by RICS, which records a sample of surveyor sentiment across the UK.
The latest report compiled responses from 306 surveyors, with 39% more of the surveyors in NI confirming that house prices rose compared to those that reported prices falling. The housing market usually sees a sales slump toward the end of the year, but respondents from NI report that they're remaining unusually strong this year.
Prices are dropping elsewhere in the UK as the uncertainty surrounding Brexit has affected confidence in the market, with most regions expecting sales to drop over the next few months. The main problem highlighted in Northern Ireland is a lack of housing stock, including resales and new builds.
RICS Residential Property Spokesman Samuel Dickey said that "Overall 2018 is shaping up to have been a relatively positive year for the housing market in Northern Ireland in a number of respects. House prices look to have risen at healthy rate and activity in various segments of the market has been relatively good, albeit that there are regional variations."
Source: RICS Press Release, RICS Report
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Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.
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