Housing market optimistic - despite lack of houses

The province was one of just two regions where sales rose in September
The province was one of just two regions where sales rose in September

Professionals in the Northrn Ireland housing market remain optimistic over the future outlook - despite an ongoing lack in properties coming onto the market

As some parts of the UK experienced a slowdown attributed in part to Brexit fears, the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey for September showed that house prices continued to rise in the third quarter of the year.

A balance of +44% of Northern Ireland surveyors responding to the survey said that house prices rose in the July to September period, and a net balance of +30% expect prices to rise again in the next three months.

Northern Ireland was one of only two regions in the UK where a rise was reported in the number of sales during September, but growth was relatively modest compared with previous months.

Northern Ireland also remains the most optimistic in the UK with regards to sales outlook with a balance of +33% of respondents saying that they expect an increase in the number of properties sold in the final quarter of the year.

However, new instructions to sell fell in September for the third month running, according to respondents. This indicates that the number of homes being put up for sale is declining.

“The market moves into the autumn with some momentum and good demand,” said RICS residential property spokesman, Samuel Dickey.

“The key challenge though remains supply, with surveyors continuing to indicate that availability of stock remains a problem.”

Terry Robb, Head of Personal Banking at Ulster Bank. Said: “Mortgage demand remains high and we continue to work to support buyers smoothly though the mortgage process. To help do this, we have launched a new paperless mortgage process which utilises the latest technology to safely and securely share and verify documents online.

“As a result, customers can have a mortgage offer within 24 hours, taking about 10 days off the average time it takes for an offer to be made. As well as being helpful to homebuyers, this will support the housing market as a whole by removing potential time-lag in the home sales process.”