Activity up but house prices still flatlining
HOUSE sales are expected to rise as Spring arrives but a professional group has warned that prices are likely to remain unsteady for the foreseeable future.
The respected monthly housing market survey published today by the Royal Institution of Chartered Surveyors (RICS) reveals that almost 85 per cent of chartered surveyors questioned expect no rise or fall in values during February, March and April.
The Ulster Bank sponsored study points to an increase in transactions last month, with a net balance of eight per cent of chartered surveyors reporting rising activity, compared to a net balance of -18 in December.
However, prices continued to slide for a 29th consecutive month, according the survey of local chartered surveyors, with the price balance remaining negative at -24.
The Northern Ireland experience was in contrast to the UK as a whole, where, conversely, transaction volumes were reported by the survey to be down and prices up.
"There is an expectation that prices will be flat, however there are risks and there will be variations," said RICS Northern Ireland spokesman, Tom McClelland.
"The more important story though is the number of house sales going through to completion. Chartered surveyors are reporting increasing enquiries and viewings and foresee greater movement in the market during the months ahead, which would not be surprising during the Spring."
RICS housing market survey is the longest running monthly survey of house prices in the UK, collecting data since January 1978.
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Weather for Belfast
Wednesday 30 May 2012
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