Blog » Residential Property Market At Its Busiest In Almost 20 Years

Residential Property Market At Its Busiest In Almost 20 Years

Average house price is now £195,200

The housing market in NI is at its busiest in nearly 20 years, with house sales booming and prices continuing to increase.  The sales evidence is collated from propertynews.com and the Ulster University House Price Index in partnership with the Progressive Building Society and the Northern Ireland Housing Executive on a quarterly basis.

The report compares sales activity from April to June 2021 with the same period last year.  The average property price has increased by 9.2% to £195,242.

There were 4,318 house sales in NI between April and June 2021, which was the highest level since 2005.

Council areas with highest price growth

The council area with the highest average property price was the Causeway Coast and Glens at £211,861.  Displacing Ards & North down as the most expensive place to buy a home.

However, homes in Mid Ulster saw the highest percentage year-on-year increase as the average house price rose 15% to £198,378.

Property Market Overview

The University of Ulster reported that the market had been getting increasingly competitive from the start of this year, with increased house viewings leading quickly to sales.

The desire to move into bigger properties has continued as a result of spending more time at home during lockdowns.

Dr Michael McCord, reader in real estate at Ulster University, said: “As indicated throughout the previous four reports, the psychological effect of the Covid-19 pandemic upon the housing market is well and truly discernible, with the race for space clearly evident.

“Indeed, in the first quarter of 2021, we noted the increased competition amongst buyers, with viewings instantaneously translating into firm offers and trading up activity.

“Moving into the second quarter of the year, this trend has firmly continued with increased house prices and transaction levels.”

Michael Boyd, deputy chief executive of the Progressive Building Society, said. “The rush to complete house sales before the end of the full stamp duty holiday in July had contributed to the growth.”

But he added: “Further easing of restrictions and a better than expected economic outlook augers well for the market in the coming months, with transaction volumes expected to remain consistent with the first half of the year.

“The longer-term picture, however, must account for the end of the furlough scheme, with the Northern Ireland Executive and the UK Government playing an important role in leading the policy environment to support economic investment and drive consumer confidence.”

Find out what houses are worth in your area.

For more details on this survey go to Propertynews & Belfasttelegraph.co.uk

The full results will also be published in a 12 page section in the Belfast Telegraph on Saturday 21st August.