RICS UK Residential Market Survey update - August 2023

The latest Residential Market Survey from RICS shows a slight softening of the market in Northern Ireland.

 

The latest RICS Residential Market Survey for August has been published and shows that, whilst the Northern Ireland market remains more positive than other parts of the UK, it has softened slightly in the past month.

New instructions, new buyer enquiries and agreed sales are all down but, compared to the rest of the UK, values are still increasing, albeit at a slower rate than over previous months. The survey reports that residential surveyors in Northern Ireland are expecting prices to fall back slightly over the next three months but are expecting a slight uplift in the number of sales.

Our own experience is of a mixed picture with limited supply leading to bidding on both well-presented properties and ‘doer uppers’. More middle-of-the-road houses seem to be sitting for longer in some locations, however. Most of the estate agents we have spoken to recently report low levels of new instructions which means that, despite rising interest rates, buyers still don’t have a lot of choice when it comes to finding their new home.

 

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

19 September 2023