House prices and sales to rise in months ahead

RICS expects Northern Ireland house prices to rise by 4% in 2015, which is higher than the expectation of 3% for the UK average.

The latest survey suggests that demand in the local housing market remains relatively robust, with new buyer enquiries continuing to rise at a faster rate than new vendor instructions – indicating that there is a continuing lack of supply.

In terms of prices, December was the 19th consecutive month that the headline price balance (+65) was in positive territory (indicating an increase in prices). The balance of surveyors (+39) expect prices to rise in the three months ahead.

With regard to newly agreed sales, a net balance of +17 said that these increased in December, whilst a net balance for sales expectations in the three months ahead was +21.