House sales in Northern Ireland rose through July according to the latest Royal Institution of Chartered Surveyors (RICS) residential market survey, which follows a period of two consecutive months where sales were reported to have declined.
A net balance of 5% of NI surveyors reported that sales rose through the month of July. Although only marginally in positive territory, it is up from the -10% and -19% net balances that were seen in the previous two consecutive surveys.
And surveyors appear to be optimistic on the sales outlook too as a net balance of 60% of respondents expect sales to rise over the next three months.
Driving the rise in sales may have been the increase in demand that was seen through July. A net balance of 40% of surveyors in NI report that there was an increase in new buyer enquiries, which was the second highest balance seen across the UK after the North West.
Looking at supply, surveyors in NI report that new instructions to sell rose last month. A net balance of 40% of surveyors reported that there was an increase in supply, which is in line with what is being seen across other UK regions such as Scotland, the North West and the East Midlands.
When it comes to pricing, NI respondents note an upward trend once again. A net balance of 95% of NI respondents reported a rise in house prices over the past three months. And this trend continues looking forward as a net balance of surveyors in NI anticipate that prices will increase over the next three months.
Samuel Dickey, RICS Northern Ireland Residential Property Spokesman, says: “The first half of 2025 was relatively steady for NI’s residential property market and it’s encouraging to see this continuing as we progress into the second half of the year. Whilst the most recent survey sees surveyors reporting a rise in supply coming to the market, we still do not have sufficient stock to meet the needs of the market. It is hoped that the recent easing of interest rates will support new buyers in the coming months.”
Commenting on the UK picture, RICS Chief Economist, Simon Rubinsohn, said: “The somewhat flatter tone to the feedback to the July RICS Residential Survey highlights ongoing challenges facing the housing market. Although interest rates were lowered at the latest Bank of England meeting, the split vote has raised doubts about both the timing and extent of further reductions. Meanwhile, uncertainty about the potential contents of the Chancellor’s autumn budget is also raising some concerns. Against this backdrop, respondents continue to report that the market remains particularly price sensitive at the present time. “