Business

More new homes being listed for sale says Rics survey

Rics' Northern Ireland residential property spokesman Samuel Dickey
Rics' Northern Ireland residential property spokesman Samuel Dickey Rics' Northern Ireland residential property spokesman Samuel Dickey

MORE new homes are being listed for sale in Northern Ireland, according to a survey.

Some 17 per cent of respondents to the latest Royal Institution of Chartered Surveyors (Rics) and Ulster Bank residential market survey reported a rise in listings in April, suggesting people are looking to sell despite concerns about the rising cost of living and higher interest rates.

And 23 per cent of the chartered surveyors polled in Northern Ireland said that there was an accompanying rise in the number of inquiries from new buyers, underlining a resilience within the market.

Virtually every respondent to the monthly survey said there was an increase in prices, and 43 per cent expect prices to rise in the next three months.

Rics' regional residential spokesman Samuel Dickey said: “It’s encouraging to see that surveyors are expecting an increase in sales over the next number of months albeit we are still experiencing an imbalance between demand and supply.

“The lack of stock has been apparent for many months and as such we’re seeing this drive prices up across all categories, with expectations this will continue in the next three months. The expectation that sales will rise over the next quarter could be an indication that more stock may be expected to come onto the market.”

Terry Robb, head of personal banking at Ulster Bank added: “Consumers are especially keen to make energy efficiency savings in their homes, therefore increasing their environmental sustainability, and we are continuing to see good mortgage demand including for our green mortgage.

“One of the best ways of saving money on bills is to reduce the amount of energy we need to use, so helping people understand how to make their home more energy efficient can be a really effective way to help cut their bills and help reduce their climate impact, as homes account for 15 per cent of all UK carbon emissions.”

Rics economist Tarrant Parsons said: “Despite growing macro headwinds in the form of cost-of-living pressures and higher interest rates, the residential market continues to see modestly positive trends in new buyer enquiries.

“For the time being at least, even though there is a lot of caution about the future economic landscape, it seems that limited supply available on the market, coupled with steady demand growth, are still the overriding drivers of house prices.

“As such, there is little evidence at this stage of house price inflation losing much momentum, while expectations for the coming 12 months have only moderated slightly from recent highs.”