RICS and Ulster Bank Residential Market Survey – April 2023
Northern Ireland house prices and sales activity are expected to edge up over the next quarter after a slowdown last month, according to the latest RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Residential Market Survey.
There were fewer sales in April, according to the balance of respondents (a net balance of -13%), and the price balance eased to its lowest since December last year. Whilst it remains in growth at +19%, it is down from +100% in April 2022.
In terms of the outlook, surveyors expect prices to rise over the next three months, with a net balance of +9% of respondents predicting an increase. This is the first time this figure has been in positive territory since September 2022.
Surveyors are more optimistic on the outlook when compared to the UK average where -48% of respondents expect prices to fall over the next quarter. Surveyors in Northern Ireland are also more positive about the 12-month outlook compared to UK counterparts, with both sales and prices expected to rise.
In terms of sales activity, a net balance of -13% of respondents reported a fall in sales through the month of April. However, with both instructions to sell and new buyer enquiries having risen, surveyors seem more optimistic on the sales outlook than in previous months, with a net balance of +18% of respondents expecting sales to rise through the next few months.
Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, says: “The results of the latest survey point to perhaps more stability in the market with prices rising at modest rates and interest from buyers and sellers improving. With both sales and prices expected to edge upwards over the next number of months, it appears that surveyors are also more optimistic about the short-term outlook than they have been, particularly when compared to counterparts elsewhere in the UK.”
Terry Robb, Head of Personal Banking at Ulster Bank, added: “Despite a range of challenges for borrowers, the mortgage market continues to see good interest from a potential buyers and as we move further into the second quarter of the year, we would expect this to increase, particularly if more properties are coming onto the market to increase available options”.
