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Northern Ireland house prices go up despite decrease in demand

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Samuel Dickey, RICS NI residential property spokesman

Samuel Dickey, RICS NI residential property spokesman

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House prices continue to rise in Northern Ireland at a stronger rate than the rest of the UK even though demand may be cooling, a survey has indicated.

Research from the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank said a declining number of surveyors had reported enquiries from potential buyers during June.

There was also a fall in the numbers of surveyors reporting newly-agreed sales.

Despite this, almost all respondents said house prices had gone up at the highest rate across the UK.

RICS said a lack of supply in the market was one factor behind the continued price rise.

Surveyors here expect prices to keep going up, and even though demand had cooled in June, they believe sales will increase in the next three months as well. 

Samuel Dickey, RICS Northern Ireland residential property spokesman, said: “Demand in the local housing market has slowed slightly and more vendors are coming to the market, but we’re still seeing prices moving upwards.

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"One of the concerns in the market is the potential impact of increased material and labour costs on house building and the escalating cost of living on the appetite of potential buyers.

"But the expectations of surveyors for sales and prices in the short term at least are relatively strong.”

Terry Robb, head of personal banking at Ulster Bank, added: “At Ulster Bank, we are eager to help our customers save where they can and our green mortgage is one way that we can help consumers save money by being more energy efficient.

"We want to help our customers understand and reduce their climate impact and deal with the escalating costs of energy bills. We’ve put climate change at the heart of our strategy to be a purpose-led bank, so it’s important that we support our customers on the transition to net zero.”

The RICS and Ulster Bank residential market survey gives surveyors’ views of performance of the market, but does not record the prices of homes being sold.

Last week, property website PropertyPal said the average price of a home in Northern Ireland that had been sold through its platform between March and June was £187,900, which was up by 5.2% on last year and 2.4% on the first few months of this year. 

The NI House Price Index from the NI Statistics and Research Agency reported an average house price in the first quarter of £164,590, up 10.4% year on year.


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