Report: Northern Ireland surveyors optimistic as supply and demand increases
A net balance of 46% of Northern ireland respondents expect sales to increase in Q3, up from 36% in the prior survey – this was the highest across all of the UK regions
Surveyors in Northern Ireland are positive when it comes to the residential sales outlook over the coming months, according to the latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey, as supply and demand continues to jump.
A net balance of 46% of Northern ireland respondents expect sales to increase in Q3, up from 36% in the prior survey. This was the highest across all of the UK regions.
Elsewhere, 70% of respondents are anticipating a rise in prices during the quarter.
Although demand is continuing to edge higher, it is doing so at a softer rate, according to the survey,which also found that supply did increase but at a slightly reduced rate.
Following the supply and demand trend, newly agreed sales were also up in number, but the rate of increase eased.
Samuel Dickey, RICS Northern Ireland Residential Property spokesman, said: "The first half of 2024 has been steady in Northern Ireland's residential market, with prices edging up and good levels of demand evident.
"Anecdotally we know though that there is quite a lot of variation in the market, with some areas of NI seeing stronger demand than others, and prices rising more firmly in popular locations. But overall, it's encouraging to see respondents in NI remaining optimistic about activity levels over the coming months."
Terry Robb, head of personal banking at Ulster Bank, added: "The latest survey points to an ongoing confidence in the market with Northern Ireland again faring better than the overall UK market, and surveyors here expecting sales levels to tick up in the months ahead. Similarly, we expect good mortgage demand, based on the demand in the housing market aligned with recent reductions in our mortgage rates. The challenge for the market though remains the fact that many potential borrowers continue to experience a shortage of quality homes to choose from."