House prices rising in Northern Ireland

By David Young PA

A housing survey has reported rising property values in Northern Ireland, a day after another study found prices were falling.

The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank survey found a significant majority of surveyors reporting house price rises in the last three months.

It reported a price balance for Northern Ireland of +41% between May to July, meaning that 41% more surveyors said that prices rose in the past three months than those who said they fell.

However, on Wednesday, Ulster University's latest Quarterly House Price Index report said there had been a 1.1% fall in values.

While the latest studies cover slightly different time frames - UU's spans April to June - the last RICS/Ulster Bank survey, which did cover April to June, reported the same +41% price balance.

Samuel Dickey, from the RICS, said: "This week marks 10 years since the onset of the credit crunch, which was followed by Northern Ireland's property downturn.

"Ten years on, the market appears in reasonably good health with prices edging up and evidence of good buyer interest, though average prices remain some 40% below their 2007 peak."

While the reports appeared at odds on the direction of house prices in the last few months, they both highlighted ongoing political uncertainty as a factor that could impact the market negatively going forward.

The RICS/Ulster Bank study reported a balance of +3% when it came to surveyor expectations of further price rises in the next three months.

While this was in positive territory, it was down significantly from June's +29% balance.

Mr Dickey said: "Today the key challenge for the market appears to be supply, along with some economic and political uncertainty."