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NI housing market in growth as UK dips

Posted on Tuesday 2nd June 2020

NI housing market in growth as UK dips

The Northern Ireland housing market has become the most buoyant in the UK as first time buyer and buy to let sales remain strong in the province.

The data, from the latest Residential Market Survey for October, produced by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank indicates a healthy market despite a slow down in GB.

Whilst average UK house prices were reported to have dipped during the month, Northern Ireland the response from local surveyors indicates an ongoing increases in prices here.

RICS UK Residential Market Survey, October 2018: Outcomes

  • Key price indicator now falling nationally, with half of the UK regions price balances now flat or negative
  • Demand from new buyers falls in the face of interest rate rises and continued Brexit uncertainty in the run up to Christmas
  • Regional picture does however still vary, with Northern Ireland in particular still showing a strong residential market

RICS Residential Property Spokesman, Samuel Dickey said: “Interest from first time buyers and a strong rental have been two of the factors driving the Northern Ireland housing market, with first time buyers and investors both very active this year.Surveyors remain confident about the market, despite political and economic uncertainty, and 2018 is shaping up to have been a more positive picture for the housing market than perhaps was initially anticipated.”

To read the full RICS report please click here

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