Northern Ireland house prices up for 17th month in a row

By Lauren Burns

Property prices in Northern Ireland increased in October for the 17th month in a row according to the latest Residential Market Survey by the Royal Institute of Chartered Surveyors and Ulster Bank.

The report does however suggest that house prices are starting to plateau, or certainly take a pause from their upward trajectory. Fewer surveyors considered property prices were up last month, albeit still a majority - 57 per cent compared to 63 per cent in September. The response on purchase transaction levels was also suggestive of a property market that is cooling down, with only 32 per cent of surveyors considering that there was an increase in house sales last month.

Samuel Dickey of RICS Northern Ireland considers that "there is still an issue with supply, whilst buyer demand remains strong." He added that while surveyors expect property purchase levels to increase in the next few months, concerns over interest rates in the New Year and the fall-out from the austerity measures to be taken at Stormont could dampen purchaser confidence.

If you are buying, selling or remortgaging a property in Northern Ireland, and want to speak to a conveyancing solicitor for information or advice, call Wilson Nesbitt in Belfast by calling 0800 840 9290.

Or to read more about buying and selling property in Northern Ireland click here.



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