NI house prices nevertheless going up at faster rate than rest of UK

Northern Ireland house prices continued to rise faster than in other places in the UK, according to the latest RICS and Ulster Bank Residential Market Survey. However, with fewer similarities coming onto the market, sales activity was lessened in September compared to August.

The balance of respondents to the survey said that the number of similarities being listed for sale fell in the month, adding to already existing issues with supply. As a consequence, the number of homes being agreed for sale also reduced.

With supply constrained, prices continued to move upwards, according to surveyors. Indeed, respondents were universal in the latest survey in saying that they experienced rising prices (a net balance of 100% of respondents). And their expectations are that prices will continue to increase over the next three months. In terms of sales, despite the without of supply, surveyors expect these to be up marginally in the next three-month period.

Terry Robb, Head of Personal Banking at Ulster Bank

Terry Robb, Head of Personal Banking at Ulster Bank, said: “September brought to an end the third quarter of the year. And in our experience it was overall another very busy quarter for mortgage need following on from very strong need in the past two quarters. Our buy to let mortgage has been particularly popular. We also introduced our Green mortgage and our 95% mortgage earlier in the third quarter, and we have additional a Green Re-mortgage which offers a preferential interest rate to new or existing customers who are looking to re-mortgage an energy efficient character. We want to act as a catalyst in supporting the reduction of the carbon footprint from residential similarities.”

Samuel Dickey, RICS Northern Ireland Residential character Spokesman, says: “The imbalance between need and supply remains the most remarkable characterize of the latest RICS and Ulster Bank survey. And feedback from members provides little reason to believe this issue will be resolved anytime soon. The market continues to move from a very abnormal period during Covid. We would expect need to ease back from the incredibly high levels earlier in the year to more normal levels, but the challenge is that there isn’t the supply to meet already reduced need and this is continuing to push up prices.”

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