Belfast Telegraph

House prices rise because of shortage of supply

By Claire McNeilly

House prices here have continued to rise because of a lack of supply, according to experts

The Royal Institution of Chartered Surveyors (RICS) also reported a dip in demand for the first time since February.

But its latest report said that expectations here continued to outstrip the rest of the UK.

RICS spokesman Aidan Conway added: "After a recent period of growth in demand and some increase in property values, sales activity appears to be slowing due to the Christmas period."

According to November's RICS and Ulster Bank Residential Market Survey, the lack of stock, which continues to hold back the market and is also deterring new buyers, represents a worrying trend.

Simon Rubinsohn, RICS chief economist, said prices would continue to rise in the early part of next year.

"I can't recall a set of comments in the residential survey which have so frequently drawn attention to lack of stock on the market," he added.

Belfast Telegraph


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