23 August 2017

Property prices rising – how much will a Northern Ireland home cost you?


Despite the political and economic uncertainty – both at UK and Northern Ireland level – there are signs that investment yields are continuing to harden in Northern Ireland indicating that demand has been increasing property prices.

Official figures highlight that house prices in Northern Ireland have increased 3.1% in three months.

Research from Northern Ireland Statistics & Research Agency uncovers that 5,106 properties were bought between April and June.

The average house price now rests at £128,650 however, while prices increased in all 11 councils, these prices differ significantly across regions.

The largest increase was reported in Fermanagh and Omagh which seen prices increase by 5.6% to an average cost of £118,451.

Prices in Belfast rose 3% to £120,351.

In Lisburn and Castlereagh area, the price of a home rose 4.7% to £154,704.

The index measures changes in the cost of residential property in Northern Ireland and uses stamp duty information on property sales recorded by HMRC.

 The slowest increase was recorded in Derry City and Strabane, rising by 0.6% to £109,939.

The overall house price index now sits 16% higher than the first quarter in 2015.

Official figures indicate that residential house prices have increased by approximately £10,000 since last year, however, the annual pace of growth is decreasing.

Figures released jointly by the Office for National Statistics (ONS), Land Registry and other bodies highlights that the average house price across the UK rose by 4.9% in the year to June, a drop from 5% growth in the year to May.

Going against the general upward trend is the City of London which seen house prices plummet by 20.3% over the past year. These figures make the City of London the weakest performing district in the UK for annual price growth in June.

In June, the average price for a residential house in the City of London was £724,000.

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