Surveyors' expectations for house price growth in Northern Ireland are their strongest in nearly four years, a survey shows.
The findings in the monthly residential market survey from the Royal Institution of Chartered Surveyors (Rics) come as separate research by Ulster University show that property prices in the north actually fell in the October-December period after increases in the three previous quarters of 2024 and currently stand at nearly £214,500,
The Rics survey, which is based largely on sentiment from professionals within the sector, shows that a balance of 76% of local surveyors reported a rise in house prices in January, which is well above the UK average of 22%.
And respondents here remain positive on the outlook, with a net balance of 70% expecting prices to edge upwards over the next three months - the strongest balance for price expectations since April 2021.
The number of newly agreed sales also continued to rise in January, with respondents indicating that the upcoming Stamp Duty Land Tax (SDLT) threshold changes could be a factor.
At the moment, buyers of homes worth less than £250,000 don’t pay stamp duty, but from April the threshold comes down to £125,000 and then you would pay 5% on the next £125,000 and 5% on properties up to £925,000, after which the taxes rise to 10% up to £1.5m, and 12% thereafter.
Rics' regional property spokesman Samuel Dickey said: “With 2024 being a largely positive year for Northern Ireland’s housing market, it’s encouraging to see surveyors remaining upbeat through the early stages of the new year, and the recent interest rate cut may boost confidence.
“But we are continuing to see that there is insufficient supply to meet demand, largely down to a lack of wastewater infrastructure as well as planning delays.”
He added: “With changes to SDLT coming in April, we expect to see an increase in market activity in the coming months as buyers and sellers look to complete sales before the revisions take effect.”