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Strong growth predicted for NI property market

The price of Northern Ireland houses is predicted to rise by 4% over the next four years.

The growth has been forecasted by PwC‘s latest UK Economic Outlook (UKEO).

Northern Ireland is forecast to experience a boost of around 4%, with average house prices, currently around £128,000, reaching £154,000 by 2022.

PwC said the local market is proving “more resilient” than the rest of the UK, with the UKEO predicting some “softening” of national property price growth to around 3.4% by 2022.

The expected increase in Northern Ireland was seventh highest of the UK regions, with PwC predicting the region will rise to third by 2019 and top the list by 2022.

PwC Northern Ireland chairman and UK head of regions Paul Terrington said: “The Northern Ireland property market continues to perform better than expected, with a positive balance between earnings and house prices.”

Founder and chair of Hagan Homes, James Hagan, said: “The demand for superior homes in Northern Ireland, which offer value for money, remains extremely high.”

Their new £3.25m development of 24 homes in Portrush has sold in record time with 16 houses selling in as many days.

“The showhome opening at The Rocks, Portrush, was Hagan Homes’ most successful ever with approximately 400 people visiting that afternoon.

“We have seen unprecedented levels of interest in the properties with all 16 homes from the first phase now sold. Hagan Homes purchased the site in October 2017 and started the 24 four and five-bedroom homes in December 2017.

“The first phase of homes will be completed by September 2018, while phase two with the remaining eight homes will be announced shortly. The overall development is scheduled to be handed over by December 2018.”