New figures have revealed a 3.7% decline in residential house prices in Northern Ireland over the last twelve months, dropping to £148,499 in the second quarter of the year. These figures contrast with the 11.6% increase in house prices south of the border.
A report from the Central Statistics Office (CSO) highlighted that residential property prices in Dublin rose by 11.1%, an 11.2% growth in house prices and 10.6% in apartments.
The greatest house price rise was witnessed in South Dublin (11.8%) whereas the lowest growth in Dublin was seen in Fingal (5.4%)
Meanwhile, Ulster University reported the continued decline in house prices north of the border throughout their latest Quarterly House Price Index.
However, this report highlighted that the number of people purchasing homes rose to the highest peak since the property crash a decade ago.
2,372 properties were bought in the second quarter with under a third of these selling at £100,000 or below.
A publication produced in partnership with Northern Ireland Housing Executive and Progressive Building Society reveals that prices fell by 1.1% from the previous quarter and believes that approximately 60% of home loans in the four quarters preceding March of this year were to first-time buyers.
The report suggests many factors may have led to the falling house prices. These include the uncertainty surrounding Brexit; the UK general election outcome and the absence of a Northern Ireland Executive.
