With house prices continuing to fall in the majority of the UK, Northern Ireland is proving that an increase is possible, with the latest figures revealing that its property values are on the rise.
NI on the increase
The latest report from the Royal Institution of Chartered Surveyors (RICS) states that house prices are decreasing across the UK. The worst-hit areas include south-east England and London, with those looking to sell being affected by the falling property values; however, Northern Ireland is paving the way for the UK with its house prices continuing to rise.
Not only are sellers benefitting from the increase but also the research found that less of the residents of Northern Ireland are choosing to sell, creating a healthy property market. Whilst there are still variations within different regions, the general consensus looks positive.
Reversal of fortune
Whilst the overall figures predict that the rise in Northern Ireland house prices is set to continue, those in the north of England may soon see a similar increase. Forecasts for the next five years reveal that a rise in property value within the Midlands, northern England, Scotland and Wales is on the cards, much to the dismay of property owners in London and the south.
Whilst London was previously known as one of the most profitable areas to sell houses, it is now beginning to lag behind the rest of the UK; in fact, it is predicted that the so-called north/south divide may soon be reversed.
This news is encouraging those who wish to sell their homes in the south of the UK to try to make their plans now rather than later. For conveyancing solicitors Reading has a number of options, with companies such as https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-Reading set to see an increase in the number of people looking to place their property on the market before prices fall further.
High demand
Even with the positivity coming from the housing market in Northern Ireland, the need for new homes is still in high demand throughout the UK. Despite companies looking to off-site construction as a possible option for newly-made homes, it seems that it is only a matter of time before a change must be made to keep up with the sheer demand for new homes.