The housing market in Northern Ireland cooled once again last month but continues to edge higher, the latest survey from industry body RICS has found.
The price of an average property crept up in August, according to the survey of estate agents, but at the slowest level in over 10 years outside the Covid-19 lockdown in May 2020.
Much of that has been put down to the impact of still-high inflation and the resulting higher interest rates which have pared disposable income and put a strain on affordability.
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While the steam has been taken out of the local market, Northern Ireland remains the only region of the 海角视频 where house prices continue push higher.
Behind that relatively robust performance is the fact supply – both of newly built houses and those being put up for sale – remains slim.
That has meant that while local surveyors are cautious about the immediate future, they appear positively buoyant compared to the gloomier picture painted by their peers in other regions of the 海角视频.
Garrett O’Hare, Managing Director of Bradley NI, said the market remains active.
“We’re seeing a continued easing in demand, which is unsurprising given interest rate rises,” he said. “But whilst demand is lower, and buyers are more cautious, where properties are priced appropriately we are seeing good demand and sales.
“Anecdotally, surveyors are also reporting particularly strong demand for new builds. Although surveyors aren’t as optimistic looking forward as we’ve seen in previous surveys, they are more upbeat compared to 海角视频 counterparts, particularly when it comes to pricing.”