Published Thursday, 13 March 2014
House prices have risen for the ninth consecutive month. (© Pacemaker)
The balance of surveyors reporting rising prices in the latest RICS and Ulster Bank Residential Market Survey for Northern Ireland was at the survey's highest since May 2007.
A net balance of 65% of respondents to the survey said that prices were up in the three months to the end of February. This follows positive price data every month since June 2013.
RICS spokesman, Samuel Dickey commented: "The trajectory of house prices in Northern Ireland is continuing to broadly align with the wider economic picture, as a range of indicators are pointing to positive growth.
"The evidence is that overall transaction levels are also picking up, something that we expect to see continuing into the spring and summer months, when the market is traditionally busier.
"Whilst the picture across the Northern Ireland housing market is varied, with some geographical areas having better experiences than others, we also expect average prices to rise in the months ahead, and about 4% over the course of this year."
Derek Wilson, Head of Lending Products at Ulster Bank, added: "A range of indicators are pointing to improvements in the housing market, including the latest figures from the Council of Mortgage Lenders which show that the total number of loans advanced for house purchase in Northern Ireland was up 7% in the fourth quarter of 2013 compared to the previous quarter, and up 21% compared to the fourth quarter of 2012."
At a UK-level, the cost of a home continued to rise during February, albeit at a slightly slower pace than in previous months.
Last month 45% more UK chartered surveyors saw prices rise rather than fall. The cost of a home has now risen in the UK for eleven consecutive months.
© UTV News