NI house prices to rise by 4%

NI house prices to rise by 4%

Average house prices in Northern Ireland are expected to increase by 4% during this year, an expert has said.

January was the eighth consecutive month in which more surveyors reported rising prices.Royal Institution of Chartered Surveyors (RICS) spokesman Samuel Dickey said: "This year started as 2013 ended, with the price balance firmly in positive territory, indicating that the recovery which began in the second half of last year is continuing."This is in keeping with the wider economic picture, as a range of indicators are pointing to positive growth."Whilst the picture across the Northern Ireland housing market is varied, with some geographical areas having better experiences than others, we expect average prices to rise by around 4% over the course of this year."Derek Wilson, head of lending products at Ulster Bank, said economic indicators and anecdotal evidence pointed to a strong start to the year for activity in the local housing market, boding well for the rest of the year.Across the UK prices are rising in many regions, driven largely by the lack of properties coming onto the market.Last month the number of houses coming up for sale across the UK hit its lowest point since July 2012, despite the amount of potential buyers continuing to surge in most areas, the RICS said.Some surveyors have noted that the supply of houses is expected to increase over the next few months.

© UTV

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