There is positive news for the Northern Ireland Housing market with a new report highlighting that property prices & sales have increased.
The RICS (Royal Institution of Chartered Surveyors) and Ulster Bank have released a new housing report which highlights that 51% more surveyors asked said prices had increased in the previous three months.
The average Property price has increased by 6.3% in rural areas and urban areas like East Belfast have risen by 3.7%. The latest survey highlights that Northern Ireland has seen the strongest growth in house prices compared to the UK.
Sean Murphy, Managing Director, personal banking Ulster Bank reported-
'There are no doubt challenges in the economy, including rising inflation, but the latest survey highlights that people continue to want to own their own home and that the outlook for the market amongst surveyors remains quite upbeat."
According to surveyors, the property market appears to be stronger in some parts of the country than others. We have certainly found strong growth in East Belfast with higher prices and more houses coming on the market.
This survey reported a strong price increase in other areas on the UK, with Northern Ireland, Scotland, the North West and the South West seeing the securest increases.
Looking to the future, surveyors in Northern Ireland and Scotland were the most confident in seeing further price increases over the next quarter.
We at James Duggan Esates are looking forward to another strong quarter in Belfast especially East Belfast. We currently charge no valuation fee so please ring our Bloomfield Road office on 02890 925050 for more information.