RICS UK Residential Market Survey Update - July 2023

Northern Ireland bucks trends seen elsewhere in the UK

The RICS Residential Market Survey for Jul 2023 has just been released and, by some measures, Northern Ireland is bucking trends seen elsewhere in the UK.

In line with other regions, new buyer enquiries, new vendor instructions and newly agreed sales are down but, in contrast to other areas, Northern Irish surveyors are continuing to report some price increases, although the extent of the increases has reduced compared to the previous month.

Consequently, Northern Ireland is the only area of the UK where price and sales expectations are positive for the coming three months. Surveyors in Northern Ireland are reporting that securing a mortgage has become harder for purchasers but, despite this, the market remains resilient at present.

Recent reports that lenders are reducing interest rates on fixed term mortgages to attract more borrowers may help to stimulate the market in the coming months.

You can read the RICS Residential Market Survey in full here https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

10 August 2023