Blog » NI house prices rise over summer despite lack of supply

NI house prices rise over summer despite lack of supply

A lack of supply did not hinder the growth of Northern Ireland house prices, which continued to rise over the summer with estate agents optimistic about the outlook for the market.

Northern Ireland was one of only two UK regions where a rise in house sales had been reported, according to the RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Residential Market Survey.

Prices had risen between July and September, though fewer numbers expected prices to rise again in the next three months

The separate residential property price index for the second quarter from government body Land and Property Services reported a standardised house price in Northern Ireland of £132,795 – up 4.4%.

RICS residential property spokesman, Samuel Dickey said: “The market moves into the autumn with some momentum and good demand.

“Northern Ireland and Wales were the only areas reported to have seen a rise in sales during September and while the growth is modest, expectations remain firmly in positive territory for the last quarter of the year.

“The key challenge though remains supply, with surveyors continuing to indicate that availability of stock remains a problem.”

Head of personal Banking at Ulster Bank, Terry Robb, said mortgage demand remained high at the lender with Ulster Bank introducing a new paperless mortgage process which could verify documents online.

Figures unveiled in August from industry body UK Finance said the Northern Ireland mortgage market had hit its highest level for first-time buyers in 13 years. Some 2,700 new home buyers here had taken out a mortgage in the second quarter of this year, up 12.5% year-on-year. The typical home loan to a first-time buyer was £100,000.

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