House prices in Northern Ireland again shrugged off inflationary pressures to push higher last month, but at the slowest rate in rate so far this year.
That’s according to the latest report from RICS (Royal Institute of Chartered Surveyors) which found a relatively positive mood amongst surveyors in the province, with a majority expecting prices to rise in the coming months. That compares to the 海角视频 average which reflects a relatively negative picture when it comes to the outlook in the short term.
That positivity looks to be emanating from the lack of supply which has underpinned the market in recent months, one which the report said has fallen further with the number of properties coming on to the market easing back. New buyer demand has also fallen for the second consecutive month with higher interest rates said to be deterring purchasers, as well as the impact of inflationary pressures tightening household finances.
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Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, said higher rates are denting sentiment.
“The latest survey results show the extent of the change in market sentiment over the past year with higher mortgage rates having a clear impact,” he said. “However, it is noteworthy that the Northern Ireland market appears to be in a stronger position than other parts of the 海角视频.
“Northern Ireland is the only part of the 海角视频 currently with a positive net balance for prices, and unlike in other areas, Northern Ireland surveyors are relatively upbeat about the prospects for prices and activity in the months ahead.”