The property market in Northern Ireland is looking more positive than the UK as a whole with rising prices and sales, according to a new survey.
The RICS (Royal Institution of Chartered Surveyors) and Ulster Bank has release a new housing report which highlights that 51% more surveyors asked said prices has increased in the previous three months.
Average property prices have risen approximately 6.3% in rural locations throughout the year while urban areas seen a 3.7% rise.
The latest survey highlights that Northern Ireland seen the strongest growth in house prices across the UK.
Samuel Dickney, RICS residential property spokesman, stated: “Overall, the latest survey paints a positive picture in terms of the trajectory of activity and the outlook. As ever, though, there are markets within markets.
“Different parts of Northern Ireland are more buoyant than others and there are variations between different property types and levels of the market.
“The latest NI Residential Property Price Index highlights this, with new build homes rising significantly faster than that of existing or resold housing stock, and average prices in rural areas up 6.3% in the past year, compared to 3.7% for urban areas.”
Sean Murphy, managing director, personal banking at Ulster Bank, highlighted: “This is the latest piece of strong economic data for Northern Ireland, following the Ulster Bank PMI for August, which recorded the strongest rate of private sector output growth this year.
“There are no doubt challenges in the economy, including rising inflation, but the latest survey highlights that people continue to want to own their own home and that the outlook for the market amongst surveyors remains quite upbeat.”
According to surveyors, the property market appears to be stronger in some parts of the country than others.
This difference is being reported across the UK, the survey has shown.
RICS believes that the mood surrounding London and some areas in the South East of England remains cautious. Outside of the capital, the feelings surrounding the housing market is more optimistic.
The August survey uncovered that a net balance of 6% more surveyors across the UK said prices are increasing rather than falling.
This survey reported a strong price increase in other areas on the UK, with Northern Ireland, Scotland, the North West and the South West seeing the securest increases.
Looking to the future, surveyors in Northern Ireland and Scotland were the most confident in seeing further price increases over the next quarter.