Northern Ireland housing market records highest price gains in the UK

Northern Ireland’s housing market has recorded the strongest price gains in the UK, according to the latest RICS and Ulster Bank Residential Market Survey.

August was the 15th month in succession that surveyors in Northern Ireland indicated that prices rose, with a price balance of 68% – up nine percentage points on July.

Local surveyors anticipate the trend to continue, with expectations for sales and prices strong – indeed in the case of prices, significantly stronger than any other UK region.

And unlike other UK regions, speculation about a rise in the Bank of England’s base rate doesn’t seem to be impacting the Northern Ireland housing market the way it is elsewhere, according to RICS.

Anecdotal evidence suggests that growing speculation regarding the timing of the first rate rise and warnings from UK policymakers regarding potential risks in the UK housing market may have had an impact on buyer confidence in England.

In terms of prices, Northern Ireland, alongside East Anglia, recorded the strongest price gains in the UK, according to the latest survey, while price momentum in the London market in particular has continued to soften.

(source Belfast Telegraph)