Increase in NI property prices and sale volumes predicted for end of 2015

By Lauren Burns

A new survey suggests that Northern Ireland property prices and transaction levels will increase through to the end of the year.

The latest Royal Institute of Chartered Surveyors (RICS) and Ulster Bank Survey considers that a lack of supply of houses will result in property prices increasing in the next 3 months, though only 10 per cent of those surveyed considered that there had been a rise in house values in Northern Ireland in July. Nearly half considered that property prices would move upwards in the coming months.

The majority of those surveyed (60 per cent) expect to see more activity in the Northern Ireland property market, and predict an increase in transaction levels as we approach the end of the year.

There is considered to be a housing shortage across the whole of the UK, and prices are creeping up across most of the regions. Northern Ireland is thought to be experiencing the fastest growth in property values of all the regions, but it is of course recovering from much larger falls during the 2008 property crash. House prices have actually fallen by 7 per in the last 5 years, and the average property costs £154,396, meaning it is still the cheapest region of the UK.

If you are buying, selling or remortgaging a house in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

Or to request a legal fees estimate online click here.