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Northern Ireland house prices rose in May

A survey has revealed that house prices in Northern Ireland rose during the month of May, but political uncertainty is dampening confidence in the short term.

The report, the latest published by RICS and Ulster Bank, states that political uncertainty still looms over the Northern Irish housing market, despite having seen decent sustained growth over the last few years.

Still, estate agents across the country are confident that we will continue to see marked growth in house prices for the next year.

The reason for this confidence has been an optimistically strong performance in the sales of new builds across the country. Places highlighted as demonstrating particularly strong sales for both new builds and re-sales were Belfast, Lisburn, and the Ards area.

Alongside the ongoing political uncertainty, estate agents are singling out the upcoming summer holiday as having the biggest foreseeable short term affect on the market, as home moves fall down the priority list in place of jetting of somewhere sunny.

There is still buyer demand, though, and Terry Robb of Ulster Bank personal banking said they have “witnessed the ongoing strength in first time buyer demand for mortgages, and expect activity to remain strong into the second half of the year, particularly the self-build and co-ownership segments.”

If you are buying, selling or remortgaging a house in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you, click here and one of our experts will be in touch as soon as possible.

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Also, are you a First Time Buyer? Or at least think you are? If so, please click here to check out our First Time Buyer Legal Guide.

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