Skip to content

Press release

10 AUG 2017

Prices continue upwards although growth expected to slow going forward

RICS and Ulster Bank Residential Market Survey for Northern Ireland, July 2017

Northern Ireland house prices remained firmly on an upward trend in July, the latest RICS and Ulster Bank Residential Market Survey suggests, however, the outlook for the market is less positive.

The survey indicated that house prices continued to rise and enquiries from potential buyers were up last month but that expectations for prices and sales in the three months ahead have moderated.

This appears to be linked to a falling number of new properties coming onto the market, continuing to restrict supply, combined with some political and economic uncertainty.

Main findings

  • The headline price balance for Northern Ireland was +41% in the latest survey, meaning that 41% more surveyors said that prices rose in the past three months than those who said they fell.
  • The price expectations balance at +3%, remains in positive territory but has eased back from June when the balance was +29%. Meanwhile, sales expectations data (+8%) remains positive but less so than previously.
  • The new buyer enquiries balance was positive for the 11th month in succession at +32%. The new instructions to sell balance was -28% in July, compared with +7% in June, indicating that fewer properties came onto the market for sale.
  • In terms of newly agreed sales, the net balance was +7% in July (compared with +18% in June).