Business

Northern Ireland housing market rebounded in July, but uncertainty remains whether sales can be sustained

Property professionals remain uncertain on whether the level of sales witnessed in July can be sustained over the coming three months.

THE north’s housing market recorded a sharp rise in response to the easing of lockdown restrictions, according to a new survey among property professionals.

But the latest residential market survey from Ulster Bank and the Royal Institution of Chartered Surveyors (RICS) revealed that uncertainty remains on whether the level of sales can be sustained over the coming three months.

The reported uptake in new buyer enquiries and agreed sales was unsurprisingly significantly higher in July as the housing market returned to business.

However, the survey found that property professionals expect prices to remain broadly flat over the coming weeks and months.

RICS NI spokesperson, Samuel Dickey said: “July saw a big increase in market activity driven primarily by first time buyers along with sales now going through that were held up by the market restrictions. “We have also seen a shift in people’s preferences, from wanting larger outdoor space to a bigger living space. There is pent up demand from people post lockdown wanting change.”

Ulster Bank’s Terry Robb said: “As a bank, we remain strongly committed to supporting people to buy their own home, to move house and to remortgage and will continue to lend in a responsible way that enables people to do so and supports market activity.

“As part of this, we are offering a range of competitive rates, and our paperless mortgage application process is proving increasingly popular with customers.”

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