NI Housing Market Sustains Strong Start

The housing market in Northern Ireland continued its strong start to the year last month, with prices, sales and expectations on the rise, according to new figures.

The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank's monthly Residential Market Survey showed price growth increased to its highest level in almost a year in February.

Newly agreed sales also edged up with a 5 per cent increase.

However, the survey found housing supply has for years constrained the market and only six per cent of surveyors said that new instructions to sell increased last month.

RICS Residential Property Spokesman, Samuel Dickey, said: "The Northern Ireland housing market has maintained some momentum into the second month of the year, with prices edging upwards and with reasonable demand evident. There is perhaps a hint that vendors are becoming more active as we move out of the winter months, but supply remains a challenge, and it remains to be seen if this eases in the months ahead."

(CD)