PROPERTY professionals have expressed concern that the spread of the coronavirus could take its toll on the traditional spring house selling.
The concerns emerged in the latest residential market survey produced by the RICS (Royal Institution of Chartered Surveyors) and Ulster Bank.
Largely based on the responses from Northern Ireland estate agents, the survey found the number of industry insiders reporting a rise in house prices during February was well down from the previous month
While the extent of the impact from coronavirus remains unknown. RICS said professionals within the industry have cited their fears that said it could adversely affect viewings in the upcoming peak period.
But the industry body said that despite evidence of price growth easing during February, its latest housing report showed market conditions remained relatively positive here.
Newly agreed sales rose for the second successive month, albeit it followed the traditional quieter months of December and January.
New buyer enquiries and instructions to sell also remained in positive territory, but at lower rates.
RICS said its members still expect prices and sales to remain strong in the long term.
Residential property spokesman for RICS in Northern Ireland, Samuel Dickey said: “The past couple of months have seen a clear improvement in sentiment in the Northern Ireland housing market, leading to more listings, more viewings and more sales.
“Surveyors remain positive about the outlook as well; however it remains to be seen how the coronavirus situation develops and what impact that has on viewings and activity in the short-term,” he said.
“Surveyors’ long-term expectations for prices and sales activity remain strong.”
Terry Robb, head of personal banking at Ulster Bank, added: “We are active in the mortgage market at present supporting a wide range of borrowers including homebuyers, builders, movers, and remortgagers to understand their mortgage options.
“We will also monitor the potential impact of coronavirus on mortgage customers and have a range of standard forbearance options potentially available to assist any customers in financial difficulty.”
