Home-buyer demand in Northern Ireland rises at fastest rate in years
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Home-buyer demand in Northern Ireland rose at the fastest rate in nearly three years in August, according to new research.
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Hide AdIn the latest RICS and Ulster Bank Residential Market Survey, 53% of Northern Ireland respondents reported that new buyer enquiries rose last month. It comes at a time when supply levels also continued to edge upwards.
This is up from 38% in July and is the highest balance seen since November 2021.
On the supply front, a net balance of 54% of NI respondents reported that supply levels rose through August, the highest balance seen since the pandemic.
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Hide AdIt is unsurprising therefore that Northern Ireland surveyors noted a rise in sales in the most recent survey. A net balance of 38% of respondents reported that newly agreed sales increased through August.
Respondents also anticipate that the upward trajectory on the sales front will continue in the short-term, with a net balance of 49% anticipating that sales will rise over the next three months.
Looking at pricing, a net balance of 75% of surveyors in NI reported that prices have risen over the past three months.
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Hide AdOnce again, NI continues to outperform other UK regions, and is well above the average UK price balance which is reported to have fallen flat through August.
Surveyors remain positive on the pricing front looking forward as a net balance of 45% of surveyors anticipate that prices will rise over the next three months. However, this is lower than has been seen in previous months; down from 70% in July and 68% in June.
Samuel Dickey, RICS Northern Ireland Residential Property spokesman, explained: “Interest rate cuts are boosting confidence but the most significant factor impacting on the market continues to be the fact that demand is outstripping supply. This is a longstanding challenge, and whilst an increase in supply to the market was reported in August, we are also seeing demand increasing. This explains the ongoing upward pressure on prices. This is also a dynamic evident in the rental market. Anecdotal evidence points the rental market continuing to face the same pressures on the supply front, which is pushing up rents.”
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Hide AdStephen Lavery, local director, Ulster Bank, continued: “The findings of this month’s survey very much tally with our own experiences as the number of mortgage enquiries we are dealing with continues to rise. It is welcome that the latest survey reported a rise in supply as this was one of the biggest challenges facing potential buyers. Overall, the survey paints a largely positive picture of the local housing market and it is evident that recent cuts to interest rates are continuing to provide a boost to confidence and optimism levels.”
Commenting on this data, John Minnis, company director at leading Northern Ireland estate agent, John Minnis Estate Agents, added: “With Northern Ireland outperforming other regions in both price growth and buyer activity, the latest data indicates Northern Ireland’s resilience in the property market.
“This is a positive development for buyers seeking more options, sellers looking to achieve strong prices, and for renters and landlords navigating a competitive market.
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Hide Ad“It’s great to see that this upward trend in demand coincides with an improvement in stock levels, a challenge that has long impacted buyers in our region.
“As a local estate agent, we are pleased to see the strength of Northern Ireland’s real estate landscape, which presents opportunity for buyers, sellers, renters, and landlords alike.
“Whether you’re hoping to buy, sell or rent property, engaging with a trusted estate agent should be your number one priority. At John Minnis, our experienced team is always on hand to provide expert advice and support to facilitate seamless property transactions."
John Minnis Estate Agents is the chosen Guild of Property Professionals member for the five areas in which it operates – Bangor, Comber, Donaghadee, East Belfast, and Holywood.
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