Lack of supply likely to increase Northern Ireland property prices

By Lauren Burns

Property prices in Northern Ireland are expected to increase over the next 3 months according to the latest Royal Institution of Chartered Surveyors (RICS) survey.

The majority of the members surveyed believed house prices had increased in January and would continue to rise over the next 3 months. Spokesman for RICS residential property, Samuel Dickey, says that there continues to be a lack of new properties coming to market, and warns that transaction levels will fall if more home movers do not appear in the coming months. Property sellers are expected to reap the benefit of the supply problems, with increased competition among buyers likely to push house prices up.

At the start of the year RICS had predicted a 3 per increase in property prices in Northern Ireland in 2017. That could go up further if the supply problem continues throughout the first quarter. Estate agents are hoping that the months of Spring will see more home movers coming to the property market.

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