There was a marginal improvement in most Northern Ireland housing market indicators during May, according to the Ulster Bank-sponsored RICS housing market survey.The surveys’ price balance improved slightly in the month, and there was an indication that enquiries from potential buyers increased.

Expectations for prices and transactions in the three months ahead (June, July, August) also improved marginally, the study says.

But, transaction activity remains subdued, with the net balance for this indicator at zero: 38 per cent of respondents saying that there was no change in the number of transactions and the remainder of respondents being split evenly between those saying transaction levels rose and those saying they fell.

The price balance, at -18, continues to lag other UK regions, but, nearly three quarters of Northern Ireland respondents reported that prices were flat.

“There remain huge sectoral and geographical variations in the local market, and the likelihood is for this to continue during the remainder of the year.

On the whole, the scale of public spending cuts that are to come will impact on Northern Ireland significantly, making a hard environment for the housing market.

Unemployment will remain high for some time and increasing pressures on household budgets, such as water-charging and rises in interest rates, will also inevitably come.  That said, we foresee a prolonged period of largely flat average house prices rather than a further significant correction in average prices.”
RICS Northern Ireland spokesman, Tom McClelland

“The expected headwinds will bring challenges for the housing market, but a range of indicators are pointing to evidence of increasing stabilisation. This is leading to an expectation that pent-up demand from those who have been putting off a home buy will start to be realised.”
Derek Wilson, head of lending products at Ulster Bank

The net balance for prices during the past three months was -18, with 70 per cent of respondents saying that prices were unchanged, 24 per cent saying they were lower and the remainder saying they rose.

The net balance for transactions during the past three months was 0, with 38 per cent saying that transactions levels remained unchanged, 31 per cent saying they were down and 31 per cent saying they were up.

The net balance for transaction expectations during the next three months was 15 with 54 per cent saying that transactions levels will be unchanged, 15 per cent saying they will fall and 31 per cent saying they will go up.

The net balance for price expectations is 8, with 77 per cent saying prices will be flat in the quarter ahead, 8 per cent saying they will be down, and 15 per cent saying they will rise.

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Source: http://www.propertynews.com//blog/937/

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