RICS survey indicates Northern Ireland housing market boost

RICS said March was the first month this year in which new instructions to sell property increased

Northern Ireland's housing market out-performed other UK regions in March, according to the latest Royal Institution of Chartered Surveyors (RICS) survey.

It said it was the first month this year in which new instructions to sell property increased.

RICS said a net balance of 67% of Northern Ireland surveyors said that prices rose in the past three months.

This was higher than any other UK region.

However, it said that with more potential buyers entering the market "there remains an ongoing imbalance between supply and demand which is acting to push prices upwards".

RICS Northern Ireland spokesman Samuel Dickey said he expected more properties to enter the market in "the months ahead", which he said "should ease the pressure on prices and support growth in transactions".

"Northern Ireland recorded the highest price balance of all UK regions during March and has the highest price expectations over the next three months," he added.

'Imbalance'

"This reflects the fact that the local market remains in recovery mode. Unlike other UK regions, average house prices here remain significantly below their peak and have a long way to go before they return to those levels.

"Whilst new instructions to sell increased last month, new buyer inquiries are also rising strongly, which is effectively creating a situation where we have under-supply and prices are rising as a result. But as more properties come onto the market, this should help address the imbalance."

A net balance of 69% of Northern Ireland surveyors said that they expect prices to continue rising in the three months ahead.

A net balance of 35% of NI surveyors said that transactions rose in March, with a net balance of 61% expecting them to rise in the three months ahead.