NI House Prices Increase By 4.3% On Previous Year

AVERAGE house prices across Northern Ireland increased by 4.3% in 2017, compared to the previous year.
The house price index, calculated by Land and Property Services, measures change in the price of residential property sold in Northern Ireland. It indicated a 1% increase in the last quarter of 2017, with the most significant rises in Fermanagh, Omagh and Mid Ulster.

The house price index is now 17.6% higher than Q1 2015. As house prices are considered a measure of a region’s economic prosperity, this is positive news for the province.

Eight out of the 11 NI council districts saw an increase in house prices. Mid Ulster saw the largest quarterly increase of 5.9%. Derry City and Strabane saw the largest annual increase of 8.8%.

The average house price in Northern Ireland stands at £130,482, increasing by 4.3% (from £125,059) on the same quarter in 2016. House prices in Northern Ireland now range from a low of £117,055 in the Armagh City, Banbridge and Craigavon Area, to a high of £152,427 in Lisburn and Castlereagh.

5,501 residential properties were sold during the last quarter of 2017 – this brings the total number of properties sold during the year to 22,809. This is a decrease of 0.9% on 2016.

With regards to property types in Northern Ireland, apartments saw the biggest quarterly increase in price by 2.7%. Meanwhile terrace houses had the biggest annual increase of 4.9% on the previous 12 months. Detached houses remain the most expensive property type at a standardised price of £195,170, with apartments and terrace houses at £105,875 and £90,670, respectively.

Across the UK, house prices grew more slowly in 2017 compared to 2016. The annual growth for 2017 was 4.8%, compared to 7% in the 12 months prior. 2017 represents the slowest growth since 2013.

The House Price Index is a quarterly report calculated by Land and Property Services in conjunction with The Office of National Statistics. The statistics are based on property sales recorded by HMRC.

To view the full report visit: https://www.finance-ni.gov.uk/articles/northern-ireland-house-price-index#toc-0

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