Housing Market in Northern Ireland Sees Significant Growth
The housing market in Northern Ireland has experienced a significant surge in growth, with house sales rising at the fastest rate since early 2021. According to the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank’s Residential Market Survey, a net balance of 65% of surveyors reported an increase in newly agreed sales during July, up from 36% in June and 47% in May.
This growth is attributed to a combination of factors, including an increase in demand and a rise in supply. Surveyors also remain optimistic on the sales outlook, with a net balance of 54% of respondents anticipating that sales will rise over the next three months.
Increase in Demand and Supply
The increase in demand is reflected in the number of new buyer enquiries, which rose slightly in July. A net balance of 36% of surveyors reported an increase in new buyer enquiries, up from 30% in June.
On the other hand, the supply of new homes also increased, with a net balance of 36% of surveyors reporting an increase in new instructions to sell. This increase in supply is expected to continue, with 74% of surveyors in Northern Ireland expecting prices to continue rising over the next three months.
Impact on the Market
The growth in the housing market is expected to have a positive impact on the overall economy. Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, stated, “It’s encouraging to see surveyors in Northern Ireland reporting an increase in supply and good demand which ultimately led to an increase in sales through the month of July and may be contributing to the optimism going forward.”
Terry Robb, Head of Personal Banking at Ulster Bank, also commented, “The latest survey points to positive news for the housing market in Northern Ireland with the region outperforming other areas of the UK in terms of newly agreed sales.”
Conclusion
The housing market in Northern Ireland is experiencing a significant growth, with house sales rising at the fastest rate since early 2021. The increase in demand and supply is expected to continue, with surveyors remaining optimistic on the sales outlook. This growth is expected to have a positive impact on the overall economy, making it an exciting time for the housing market in Northern Ireland.
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