NI housing market: RICS forecasts prices could rise 4% during 20154th April 2015

Northern Ireland house prices could increase by 4% next year, according to a forecast by the Royal Institution of Chartered Surveyors (RICS).

The predicted rise is above the UK average, which is expected to see an increase of 3% over the course of 2015.

It is also higher than most other UK regions, including London.

Northern Ireland’s Residential Property Price Index (RPPI) rose 7% this year, but house prices are still more than 40% below the peak of the boom.

Recovery
Seven years ago, as the global economic downturn took hold, Northern Ireland suffered one of the most severe property crashes in economic history.

Prices fell more than 50% below their peak in late 2007.

However, the market began to show signs of recovery in the latter half of 2013.

RICS has now predicted that next year, UK house prices will be bolstered by “recent changes to stamp duty, continuing demand and lack of supply of property”.

Its residential spokesman in Northern Ireland, Samuel Dickey, said 2014 had seen “stronger house price growth in Northern Ireland than RICS anticipated”.

He said said this was “largely due to a stronger economic recovery than expected”.

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