Blog » Average NI house price up £6,000

Average NI house price up £6,000

The latest government report has revealed Northern Ireland’s average house price has grown by £6,000 over the last year to just over £135,000.

Percentage growth of 4.8% for June to September this year – compared to the same time in 2017 – was the fastest annual growth since the beginning of 2017.

The rise in the average house price over the summer months was more than £2,000, or 2.3%, on springtime prices.

The house price index, said house prices were highest in Lisburn and Castlereagh, where the average was £161,215 while the lowest prices were recorded in Armagh City, Banbridge and Craigavon at £116,368.

The index also shows growth of around 21.7% in the average price since early 2015.

The number of new homes being built is also at its highest for around 11 years.

A separate report also recorded a 17% jump in the number of new homes completed by builders, while the number of new homes started was up 12%.

Ulster Bank chief economist Richard Ramsey said: “While strong rates of house price growth are not viewed as desirable for an economy, double-digit increases in transactions or housebuilding are.

“The most encouraging housing market statistics today concerned the number of housing starts and completions.

“During the first three quarters of 2018 private sector housebuilders reported a 17% year-on-year increase in the number of completed dwellings.

“Meanwhile, the number of housing starts has increased by 12% over the same period.

“Private sector developers have started building more housing units (over 7,300) than at any time in the last 11 years.

“Increased levels of housebuilding are particularly important for Northern Ireland’s construction industry given the challenges facing the wider sector,” Ramsey added.