RICS Survey: House Sales To Rise

The Northern Ireland housing market ended 2014 as it began it, with prices and sales rising and surveyors expecting the trend to continue, according to the latest RICS and Ulster Bank Residential Market Survey

RICS expects Northern Ireland house prices to rise by 4% in 2015,which is higher than the expectation of 3% for the UK average.
The latest survey suggests that demand in the local housing market remains relatively robust,with new buyer enquiries continuing to rise at a faster rate than new vendor instructions -indicating that there is a continuing lack of supply.
In terms of prices, December was the 19th consecutive month that the headline price balance (+65) was in positive territory (indicating an increase in prices). The balance of surveyors (+39) expect prices to rise in the three months ahead.
With regard to newly agreed sales,a net balance of +17 said that these increased in December,whilst a net balance for sales expectations in the three months ahead was +21.
Samuel Dickey, RICS Northern Ireland, commented: “The local housing market is expected to benefit from the reform of stamp duty, with the large majority of
homebuyers here paying less of the tax.
“This will help encourage activity.
In terms of prices, the gap between demand and supply is creating upward pressure.
However, the slowing economic recovery and public spending environment will present challenges for the market. Overall,RICS expects prices to rise on average 4% this year, a moderation in growth relative to 2014.”