Northern Ireland Property Prices Rise by 7.9%

According to the latest House Price index from Nationwide, property prices in Northern Ireland increased at a quicker rate than elsewhere in the UK within the first three months.

Compared to the same time last year, prices within Northern Ireland have increased by 7.9%. The average property price is now £137,965.

Wales also witnessed a rise in prices also. These prices rose 6.1% to £151,971 from the same quarter last year.

This increase makes Wales the second-best performing country in the U.K.

Northern Ireland tops the UK-wide property prices

In Scotland, prices rose 0.2% to an average of £144,250.

England has seen an increase of 1.9%, the average property price rising to £257,417.

Within England, a North-South divide has been apparent throughout four consecutive months. However, according to the report, this divide is narrowing.

“Over the past two years the Southern English regions have seen a steady deceleration in price growth, which is now running at its slowest pace since 2012,” said Nationwide’s chief economist Robert Gardner. “By contrast, the Northern English regions have recorded a gradual acceleration and recorded their strongest growth rate since 2014 in the first three months of this year.”

In the North of England, the average property cost is £163,138. The average property costs in the south of England is £331,047.

In London, the average price of a house is currently £473,776.


NI house sales survey suggest ‘mixed picture’ in market

House sales in Northern Ireland during the three-month period from April to June were at the highest level recorded since the 2007 property crash.

However, the average price is slightly down, falling by 1.1% over the quarter.

The figures were published in the Ulster University’s latest Quarterly House Price Index report.
It suggests the “mixed picture” could be influenced by a range of factors, including political uncertainty over Brexit and the stalemate at Stormont.

‘Subdued prices’

The report was compiled by Ulster University, in partnership with the Northern Ireland Housing Executive and the Progressive Building Society.

It found that the average house price now stands at £148,500. The figure has fallen by 3.7% over the year.
But the 2,372 house sales recorded between April and June meant the quarter saw the highest rate of property transactions in a decade.

“This latest survey has mixed messages regarding the health of the Northern Ireland housing market,” said the report’s lead researcher, Professor Stanley McGreal.

“Transaction levels are high suggesting a strong market in the second quarter of 2017, however, this optimism is not reflected in average prices which are generally more subdued,” the Ulster University academic added.
Progressive’s deputy chief executive, Michael Boyd, said: “There is no doubt that wider economic and political factors are having an impact including uncertainty following the triggering of Article 50, wage growth lagging behind inflation and the potential for the rise in interest rates.”

But he added that there was still “confidence” in the housing market, as Northern Ireland remained “one of the most affordable regions of the UK”.


House survey shows prices in North are holding up

Domestic uncertainty not affecting North’s house prices as those in rest of UK fall!

Political uncertainty stifled house price growth across the UK last month but Northern Ireland proved to be the exception, according to a new survey, which shows local surveyors saw a rise in prices rather than a slump.

The latest UK residential market survey by the Royal Institution of Chartered Surveyors (RICS), published on Thursday, points to domestic political uncertainty as the key factor behind a further drop in house price inflation in the UK.

The RICS said the number of agreed residential property sales in the UK fell in June as new-buyer instructions slumped and fewer homeowners decided to put their property on the market.

It said most parts of the UK showed a “generally flat trend” in house sales, with central London in particular recording a further deterioration in residential property prices driven by “the political climate, Brexit and the changes in stamp duty”.

It said Northern Ireland now had the “most buoyant” housing market in the UK, with rising prices and healthy sales expectations.

Its Northern Ireland survey, carried out in conjunction with Ulster Bank, shows that across a range of measures – inquiries, prices and expectations – Northern Ireland is ahead of the UK in general.

The RICS also found that in the North there was a fresh jump in the number of newly-agreed sales last month, which had previously dipped in May.

Upbeat market

Samuel Dickey, is the RICS residential property spokesman in the North. He said the local market had performed better than some expected in the first half of the year.

Mr Dickey said an upbeat property market in June had also helped create expectations for the next six months ahead, although he said there could be some challenges.

“As we move into the latter half of the year there continues to be some political uncertainty, and consumers will feel something of a squeeze from rising inflation. However, the latest survey suggests that there is still momentum in the local housing market and that surveyors remain positive about the outlook.”

According to Sean Murphy, managing director of personal banking at Ulster Bank Northern Ireland, residential property remained relatively affordable in the North. He said Northern Ireland still had a strong culture of people wanting to “own their own home”.