Northern Ireland’s housing market is an “increasingly mixed picture”, according to a survey by Ulster Bank and RICS (Royal Institution of Chartered Surveyors).
The results showed that there has been a slow incline in the number of newly agreed sales over the last month and new buyer enquiries remained in positive figures.
However there are decreasing instructions for house owners to sell. Those surveyed perceived this to be influencing the driving up of prices, which remain on their upward trajectory but at a slower rate than previously.
Following this, surveyors have projected that in the next three months prices will take a dip and sales will further decline.
Respondents to the September Northern Ireland Residential Market Survey commented on the recent resilience of the market despite looming Brexit concerns, but noted that political developments over the next few months are expected to have an impact.
As a result, the 12-month outlook is uncertain, with surveyors predicting that prices will continue to rise but based on last month’s activity, they are recording an expected drop in sales.
A spokesperson for RICS commented: “The strongest area of our housing market is undoubtedly new homes, which continue to perform well with strong levels of activity, particularly amongst first term buyers as the wider instructions to sell are relatively low.
“The mixed results are reflective of the divergence we have across Northern Ireland, with some geographical areas experiencing more positivity than others and the resale market feeling the effects of cautious would-be-sellers.”
Ulster Bank’s Head of Personal Banking, Terry Robb stressed the importance of the upcoming deadline for the UK government’s Help to Buy ISA at the end of November.
He said: “This Help to Buys ISA offers first time buyers the chance to save tax-free for a deposit on their first home and to gain a further 25% from the government, up to a maximum of £3,000 on savings of £12,000. Fully availing of the scheme provides a potential boost to many first time buyers as well as potentially to the NI housing market as a whole.”
