Rise In NI House Prices

House prices in Northern Ireland have increased, however less properties are going on the market, according to a report.

The survey, by the Royal l Institution of Chartered Surveyors (RICS) and Ulster Bank revealed the market in NI is considerably more positive than in some other regions in the UK.

However, concerns around the supply in the market remain.

RICS Residential Property Spokesman, Samuel Dickey, said: "Surveyors are also relatively positive about the outlook, but there are a number of factors that could influence these outcomes including a rise in interest rates, a shortage of supply and economic wider conditions. The increased cost of building materials combined with demand for higher quality homes will also act to make new-build properties more expensive."

Sean Murphy, Managing Director, Personal Banking at Ulster Bank, says: "Our own experience at Ulster Bank suggests that this positive activity trend is continuing so it is not surprising that the local housing market remains relatively buoyant.

"There's no doubt that there are economic challenges ahead for 2018, including rising inflation, but the evidence suggests that people continue to want to own their own home and that the outlook for the market among surveyors remains quite upbeat."

(CD)