Northern Ireland's housing market has 'momentum' heading into 2018
Northern Ireland's housing market looks set to end this year on a high though lack of supply will continue to be a problem in 2018, it's been claimed today.
The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank residential market survey said there would be "considerable momentum" behind the Northern Ireland housing market as it enters the new year.
The survey follows separate research showing an increase of around 6% in house prices over the last year.
Surveyors and estate agents taking part in the survey by RICS said they were feeling optimistic that prices and sales would be healthy during 2018.
However they also indicated that they had received more enquiries from would-be buyers than sellers during November, indicating that demand was outstripping supply.
RICS spokesman Samuel Dickey maintains that the general picture was cheerful.
He said: "Overall, 2017 has been a good year for the local housing market. We have seen relatively healthy rates of price increase and rising sales activity.
"Looking ahead to 2018, there will be a number of headwinds, including the limited supply, alongside rising inflation and the fact that interest rates are edging upwards.
"However, surveyors appear to be reasonably confident about the market in the year ahead."
Last month's house price index from Land and Property Services recorded a 6% increase in house prices in the year to the third quarter of 2016.
The index reports a standardised house price across the region of £132,169.
The lowest standardised price was in Londonderry, at £115,339, while the highest price was £159,966 in Lisburn and Castlereagh.