RICS and Ulster Bank Residential Market Survey – June 2021
The Northern Ireland housing market continued to top a range of UK indicators in June, but surveyors here expect activity to moderate over the next three months, according to the latest RICS (Royal Institution of Chartered Surveyors) and Ulster Bank NI Residential Market Survey.
Prices, enquiries, instructions, and sales indicators in Northern Ireland were all higher than the UK average last month, and indeed the indicators for new buyer enquiries and newly agreed sales were both higher than in any other UK region.
However, local surveyors expect sales activity to increase at more modest rates between June and August. A net balance of +13% of Northern Ireland respondents said that they expect sales to increase in this period, compared to over 70% in May. And expectations for price, whilst still very strong, have been moderating over recent months too. A net balance of 60% of respondents expects prices to rise over the net quarter compared to a net balance of 75% in April.
Perhaps encouragingly though, the number of properties being listed for sale appears to have increased in the past month. A net balance of 41% of Northern Ireland respondents saw a higher number of new instructions to sell in June compared to May. This was the highest since August 2020 and should help ease supply constraints to some extent.
Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, says: “June ended a very busy first half of the year for the Northern Ireland housing market and it was another month when new buyer enquiries and newly agreed sales were strong. Encouragingly, surveyors are also reporting that instructions to sell were higher, which should help ease supply issues, which in turn should support sales activity and help ease price pressures.”
Terry Robb, Head of Personal Banking at Ulster Bank, said: “We know that there is strong demand in Northern Ireland to own or move home, and we are working to support customers with their homebuying aspirations. That’s why Ulster Bank is introducing NatWest’s mortgage product offering for customers in Northern Ireland. This will include products such as 95% mortgages in support of first time buyers, and Green Mortgages for those wanting to maximise the benefits of having an Energy Performance Certificate A or B rating. These products will become available from 23 July and will help our customers in Northern Ireland through a wider range of competitive mortgage deals.”
