House Sales Rise At Fastest Rate Since 2021

Latest figures have revealed that house sales have risen at the fastest rate since early 2021 as house prices continue to increase,

The findings were published in the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank's Residential Market Survey. In Northern Ireland, a net balance of 65 per cent of surveyors reported an increase in newly agreed sales during July, up from 36 per cent in June and 47 per cent in May. This was the highest net balance recorded across all UK regions.

Surveyors also remain optimistic on the sales outlook, with a net balance of 54 per cent of respondents anticipating that sales will rise over the next three months.

House prices were also reported to have risen throughout July, with a net balance of 86 per cent of respondents in Northern Ireland indicating price increases over the past three months. Looking ahead, 74 per cent of surveyors in Northern Ireland expect prices to continue rising over the next three months.

NI surveyors also report that demand rose through July. A net balance of 36 per cent of surveyors said that new buyer enquiries had risen, up slightly from June when the balance was reported to be 30 per cent. Respondents in NI also report that supply had risen, as a net balance of 36 per cent of surveyors report an increase in new instructions to sell. Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, stated: "It's encouraging to see surveyors in Northern Ireland reporting an increase in supply and good demand which ultimately led to an increase in sales through the month of July and may be contributing to the optimism going forward. Although respondents in NI are more confident when it comes to sales and prices over the next year when compared to the rest of the UK, the supply of new build homes continues to be a concern as the house building industry continues to navigate ongoing challenges such as planning delays, skills shortages and the ongoing waste water infrastructure deficit."

Terry Robb, Head of Personal Banking at Ulster Bank said: "The latest survey points to positive news for the housing market in Northern Ireland with the region outperforming other areas of the UK in terms of newly agreed sales. This continues to tally with the number of mortgage enquiries we are dealing with and it’s positive to see this interest coming from a range of different borrowers. While the recent reduction in the base rate has provided customers with increased levels of confidence and optimism, many buyers are still experiencing challenges, and so alleviating some of the problems around housing supply would inject further positivity into the market."