The latest research from Ulster University shows that the average house price in Northern Ireland is at its highest level for over a decade.
Latest analysis indicates that the average price of houses sold throughout the third quarter of 2019 was £171,763. This is a 5% increase when compared to the same period last year. It is also an increase of 5.7% when compared to the second quarter of 2019.
Belfast witnessed the largest rise in costs with the average property price now standing at £166,092.
The Lisburn and Castlereagh area continues to be the most expensive place to purchase a property, with the average property costing £196,016. Ards and North Down is the second most expensive place to buy a property, the average price is £191,300.
Derry City and Strabane is the least expensive area to buy a property with an average cost of £122,032.
Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society.
Dr Martin Hinch, lead researcher from Ulster University, believes the housing market has shown strength despite unprecedented uncertainty.
“The latest research indicates an element of buoyancy in the market during the third quarter of the year, following a prolonged period of relatively passive house price performance,” he said.
“This growth suggests robust market sustainability and displays a level of resilience through what has been an unprecedented period of uncertainty.
“The ongoing Brexit situation together with the outcome of the upcoming General Election will undoubtedly exert a significant short-term influence upon the political and economic direction of the UK and Northern Ireland over the coming months.”
Karly Greene, head of research at the Northern Ireland Housing Executive, which commissions the research, said she anticipates the market to remain healthy in the short-term.
“These figures reflect the highest average price of properties sold on the open market in Northern Ireland for more than a decade, with a strong level of transactions reflecting ongoing demand, especially for affordable dwellings,” she said.
“There is reason to expect that the market will remain relatively healthy in the immediate future, while 2020 may bring a greater degree of clarity about some of the factors influencing the longer term outlook.
“Price growth over the quarter appears to have been particularly strong in the terrace / townhouse and apartment sectors, while the proportion of properties sold at prices up to £100,000 fell from 24% in Q2 2019 to 18% in the third quarter. The findings appear to point towards ongoing competition for affordable properties.”
Deputy chief executive and finance director at the Progressive Building Society, Michael Boyd, highlights that a positive Brexit conclusion would be vital to continuing optimism.
“This latest report confirms the affordability and resilience of the market with an annual increase of 5% and a quarterly increase of 5.7%,” he said.
“Northern Ireland remains one of the most affordable housing markets in the UK and the current level of house price increases is a welcome stimulus to the local market.
“However, there is still a reticence among some buyers and a positive Brexit outcome will be crucial to the continuation of strong levels of transactions in the housing market.”
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