The latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank residential market survey has revealed that a net balance of +38% of surveyors said that prices had increased in the past three months.

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Surveyors were also reported to be positive about the prospects for house prices in Northern Ireland over the next 12 months, with +31% stating that they remained positive regarding price expectations, while +18% expected an increase in sales. 

Samuel Dickey, residential property spokesman at RICS, said: “We continue to see a relatively upbeat picture being painted of the Northern Ireland housing market, and surveyors anticipate that this will continue into 2018; albeit that there are some challenges for the market, including limited supply, alongside rising inflation and the fact that interest rates are edging upwards. 

“What is clear, though, is that Northern Ireland’s housing market continues to display more positive sentiment than the UK average, with most other regions seeing both prices and activity flat or falling.”

Sean Murphy, managing director of personal banking at Ulster Bank, added: “The latest Ulster Bank PMI indicates that the local economy continues to perform relatively well, with business activity rising and companies continuing to recruit new staff. 

“So, it is not surprising that the local housing market remains relatively buoyant. 

“Indeed, at Ulster Bank, we continue to see good mortgage demand and strong interest from homebuyers, homemovers and those looking to remortgage.”