A new report suggests that Northern Ireland is to see the largest property price growth in the UK during 2015.
The latest residential market survey from the Royal Institution of Chartered Surveyors and Ulster Bank indicates that the region is likely to see continued house price rises for the remainder of the year.
Rises
Data from the report shows a net balance of 72% of Northern Ireland surveyors stated that property price increased during August. This represented a higher net balance than all other UK regions, apart from East Anglia.
Surveyors are also confident that these increases seen in August will continue, with 40% of respondents expecting sales levels to actually increase during the next three months.
‘A shortage of new instructions has characterised the Northern Ireland property market this year, with buyer enquiries outstripping the rate at which properties have been coming to the market,’ observed RICS Northern Ireland residential property spokesman, Samuel Dickey.[1]
Seasonal Stability
Dickey continued by suggesting, ‘as we move into the Autumn, we should see more instructions, helping address this imbalance and ease upward pressure on prices. On the whole, RICS forecasts that average prices in Northern Ireland will have risen by 11% between the fourth quarter of 2014 and the fourth quarter of 2015.’[1]
‘This represents robust growth, but we should remember that this is from a low base, with average prices still someway from their 2007 peak,’ he added.
[1] http://www.propertywire.com/news/europe/rics-northern-ireland-prices-2015092811027.html