10/09/2013

Further Recovery For NI Housing Market

A new report has found Northern Ireland's housing market is showing further signs of recovery.

According to the latest study by the Royal Institute of Chartered Surveyors (RICS), in conjunction with the Ulster Bank, a majority of surveyors reported that prices increased in the month of August for the third successive month.

Whether this trend will continue through the autumn and winter remains to be seen, as only 7% of those involved said they thought prices would increase in September, October and November.

The remaining participants expected prices to stay the same over the period.

Elsewhere, a majority of surveyors reported an increase in transactions over the summer, with a significant portion predicting further increases in the autumn.

Tom McClelland, RICS Northern Ireland housing spokesman, said it had been a positive summer for the struggling sector.

"Whether this sunny disposition can be sustained into the autumnal months remains to be seen.

"But we remain of the view that although there will inevitably be seasonal variations and bumps along the way, the market remains on course for a general improvement over the year as a whole," he explained.

Derek Wilson, head of lending products at Ulster Bank, added: "There is continuing evidence that confidence in the housing market is increasing and we want to continue playing our part in supporting further demand and growth."

(JP/CD)

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