House prices in Northern Ireland hit in June by Brexit vote

The RICS and Ulster Bank Residential Market Survey shows a “downshift in sentiment”

House prices in Northern Ireland were hit last month by the uncertainty surrounding the UK's Brexit vote as buyers and sellers got cold feet, according to latest industry research.

The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey showed a “downshift in sentiment” in June as a result of both the EU referendum vote and the impact of a higher stamp duty in place on investment property sales.

The survey highlighted that new buyer inquiries fell for the third month in a row and there was also little demand from house owners to place property on the market. Although local surveyors reported a rise in house sales in June off the back of a sharp slowdown in May they did not expect the trend to continue.

RICS spokesman Samuel Dickey said it was not surprising that the uncertainty in the wider economy was hitting the housing market. "Only after the initial shock of the past couple of weeks has passed will we get a clearer picture of how the market is faring. A lack of supply has characterised the Northern Ireland housing market in recent years, particularly in greater Belfast, and this should continue to be a factor."

Francess McDonnell

Francess McDonnell

Francess McDonnell is a contributor to The Irish Times specialising in business