ONGOING Brexit uncertainty continues to impact on the north's housing market, according to a new report.
The latest RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Residential Market Survey, which covers last month, indicates a dip in surveyor confidence.
The March figures show the Northern Ireland housing market remains one of the best performing in the UK, but activity has experienced a slight slump and both new buyer enquiries and new instructions have fallen into further negative territory.
The headline balance of respondents perceiving a rise in residential property prices over the last month remained positive, but continues to ease back, according to the report.
Surveyors highlighted a 'wait and see' approach amongst both prospective buyers and sellers, as the UK remains without a definitive Brexit outcome.
In the short term it is expected that sales in the next three months will drop, but surveyors remain optimistic for the longer-term future of the market and believe prices will rise over the next 12 months and sales will regain growth.
Samuel Dickey, RICS residential property spokesman in Northern Ireland said the latest survey figures are not all doom and gloom.
“While the results do paint a challenging picture for the Northern Ireland residential market, comments from surveyors are pointing towards an incoming increase in first-time buyer properties," he said.
"This group in particular may welcome the easing rise in house prices and contribute to the positive longer-term outlook. Overall, the market remains relatively strong despite the headwinds and uncertainty of Brexit.”
Terry Robb, head of personal banking at Ulster Bank added:
“Some people are perhaps taking a wait and see approach before deciding upon a move or purchase, but sales in the new build market in particular are currently quite strong and this is reflected in a steady demand for mortgages. With an increasingly supply of new build properties reported to be coming onto the market, this also bodes well for first time buyer activity in the months ahead.”
Meanwhile a 3.26 acre residential site in Ballymena has been put up for sale.
The site, located at the junction of Galgorm Road and Dans Road, just one mile north of the town centre and is on the market for offers over £495,000.
“This land is predominately surrounded by residential properties in a well-established and much sought-after area," he said.
"We are expecting high demand for this site from local builders and developers, due to its desirable location and scale of the plot.”
