RICS survey reveals increase in supply to fuel surge in market activity
Increased sales activity is being predicted over the next three months with an increase in available properties and a growing numbers of interested buyers according to the latest RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Northern Ireland Residential Market Survey.
New instructions to sell showed a 30% increase, with new buyer enquiries rising by 18% according to the February report, placing Northern Ireland at the highest position in the UK when it comes to sales expectations.
Templeton Robinson Director Paddy Palmer says this latest survey is encouraging for the 2016 market.
“The RICS survey shows the gradual yet steady improvement in market overall, with consistent month on month growth reflecting the activity we are experiencing at Templeton Robinson.”
“Spring is a traditionally busy time of year and we confidently expect to see increased inquiry levels, new buyer instructions and strong sales activity continuing as the months progress.”
Over the course of 2016, the RICS expects Northern Ireland house prices to rise by 5 percent, and Northern Ireland Residential Property Spokesman, Samuel Dickey, says a lack of supply has been the main constraining factor in the Northern Ireland housing market during recent times.
“This has held back sales activity and kept upward pressure on prices. However, surveyors are reporting perhaps the first signs that these conditions might be easing, with an indication that some more properties are becoming available and price expectations therefore softening slightly. As a result, surveyors expect sales activity to increase.”
Sean Murphy, Regional Managing Director, Branch & Private banking at Ulster Bank, says: “The latest figures from the Council of Mortgage Lenders show that lending in Northern Ireland for house purchase and remortgage increased in the fourth quarter 2015. At Ulster Bank, we have seen a continuing increase in mortgage activity into the beginning of 2015 and we expect it to increase further as we move into the traditionally busy period for the housing market.”Patrick Palmer, Senior Partner