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House prices predicted to rise 4%

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Research suggests that demand remains strong in the housing market, with new buyer inquiries continuing to rise

Research suggests that demand remains strong in the housing market, with new buyer inquiries continuing to rise

Research suggests that demand remains strong in the housing market, with new buyer inquiries continuing to rise

Housing experts have predicted Northern Ireland prices will rise faster than the UK average this year.

A 4% increase is forecast by the Royal Institution of Chartered Surveyors (RICS) because of a lack of supply and an increase in the number of new buyer inquiries.

RICS Northern Ireland spokesman Samuel Dickey said: "This gap between demand and supply is continuing to create upward pressure on prices.

"However, this will likely rebalance at least to some extent as we move into the spring, when more properties tend to come onto the market."

RICS expects prices to rise on average 4% this year, a moderation in growth relative to last year but higher than the expected 3% UK average.

RICS research suggests that demand remains strong in the market, with new buyer inquiries continuing to rise, whilst the same cannot be said for new instructions.

The housing market started 2015 as it ended 2014, with prices and sales edging upwards and surveyors expecting the trend to continue, according to the latest RICS and Ulster Bank Residential Market Survey.

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It suggests that demand in the local housing market remains relatively robust, with new buyer inquiries continuing to rise at a faster rate than new vendor instructions - indicating that there is a continuing lack of supply. The gap between the two is widening, according to the survey.


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