House prices in Northern Ireland have increased by 3.8% throughout the last three months – faster than other parts of the UK. The house price rallied in June across the UK with the average value over the £210,000 mark for the first time, Nationwide Building believes.
The last quarter witnessed the house price in Northern Ireland rise to an average of £133,449.
In Scotland, prices rose by 1.7% annually, while Northern Ireland grew 3.8%.
Richard McCulloch of McCulloch Estate Agents in Magherafelt highlights that these price surges are being felt as he comments that it was busy, with many properties having multiple bidders.
“It’s seasonal, and there are more transactions at this time of the year. There is a good confidence out there, from buyers, at this time in the market,” he states.
“People are trying to get in pre-Brexit. They are worried about what could happen.
“With these transactions, there are potentially two or three people bidding on the same properties.”
This rise in costs seen the average price across the UK reach a new record of £211,301.
The month of June seen the strongest increase since a 1.2% uplift in April 2015. Growth also increased on a yearly basis, with a 3.1% rise in June, the strongest since March.
The East Anglia region witnessed the strongest yearly price growth, with a 5% uplift. The South West followed with a 4.4% increase along with the North West of England and the East Midlands with an uplift of 4.1%
The North East of England seen the weakest annual growth with a 1.1% increase along with London at 1.2% and Wales with 1.4%
Robert Gardner, chief economist at Nationwide, said yearly price growth across the UK has returned to the 3% to 6% range that had been prevailing since early 2015.
“There has been a shift in regional house price trends. Price growth in the South of England has moderated, converging with the rates prevailing in the rest of the country.
“In quarter two the gap between the strongest performing region and the weakest was the smallest on record, based on data going back to 1974. London saw a particularly marked slowdown, with annual price growth moderating to just 1.2% – the second slowest pace of the 13 UK regions and the weakest pace of growth in the capital since 2012.”
Mr Gardner said it is unclear whether the increase in June reflects strengthening demand or a lack of supply.