Business

Sales activity rises as more homes come on the market

Housing sales activity rose in Northern Ireland last month as more homes came on to the market, according to the latest Rics/Ulster Bank survey
Housing sales activity rose in Northern Ireland last month as more homes came on to the market, according to the latest Rics/Ulster Bank survey Housing sales activity rose in Northern Ireland last month as more homes came on to the market, according to the latest Rics/Ulster Bank survey

HOUSING market activity in the north rose for the eighth month in a row in February, with more homes being sold.

And given measures announced in last week's Budget, particularlt the 95 per cent mortgage guarantee, surveyors say they are confident this will be a catalyst for further sales activity.

The latest RICS/Ulster Bank regional residential market survey reveals that activity actually intensified in February, with more sales and instructions.

Indeed three quarters of respondents to the monthly barometer reported a rise in the number of houses sold, making it the sharpest rate since July, whenever the first lockdown was eased.

Surveyors say they remain confident about the outlook for sales activity, and nearly a third of respondents expect the number of homes sold to increase over the next three months.

In addition to a rise in sales last month, there was also an increase in the number of properties becoming available for sale, with 35 per cent of respondents confirming there were more instructions to sell in February than in the previous month.

But there continues to be upwards pressure on prices, and a third of surveyors expect this to continue between March and May.

Rics' Northern Ireland residential property spokesman Samuel Dickey says: “The market has been very busy most months since restrictions eased last summer, and that continued in February, with activity actually intensifying, with more sales and instructions.

“With the measures in the Budget around the extension of the stamp duty holiday as well as the 95 per cent mortgage guarantee, it's not surprising that surveyors are also confident activity will be strong in the months ahead.”

Terry Robb, head of personal banking at Ulster Bank, which itself reintroduced 90 per cent mortgages last December, said: “Despite the restrictions in place at present, many people have continued to apply for mortgages and move forward with home purchases and house moves, and there are remortgages happening as well.”