Lack of houses expected to inflate Northern Ireland property prices

By Michelle Rock

Property prices in Northern Ireland are expected to increase by 4 per cent over the course of the year according to a new survey, with a lack of houses to satisfy demand considered to be the main factor behind rising values.

Of those who took part in the latest survey by the Royal Institution of Chartered Surveyors (RICS), 60 per cent considered that property prices had increased in the last 3 months, and 43 per cent expected them to continue to do so in the next 3 months. A lack of new-builds during the post-crash years of 2007 to 2013 is thought to have resulted in a lack of supply to meet the demand of first time buyers and home movers in Northern Ireland, who are starting to perceive that property is once again a good investment after years of seeing property prices fall and stagnate.

The lack of supply was somewhat supported by the figures on sale transactions, with only 35 per cent of surveyors saying they had seen an increase in property purchases in April, with only 8 per cent expecting to see an increase in activity over the next 3 months.

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