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House prices fall in Northern Ireland for first time in four years

By John Mulgrew

House prices have fallen across Northern Ireland for the first time in four years — and by as much as 3% in the last three months.

The latest official Northern Ireland House Price Index shows overall, prices here dropped by 0.8% between the last two quarters. The average cost of a home is now £124,007. The latest figures are based on stamp duty information.

A total of 4,379 properties sold during the first quarter of the year.

The majority of council areas showed a decrease in prices, quarter-on-quarter. However, the cost of buying a home increased in Armagh City, Banbridge and Craigavon, Derry City and Strabane, Mid Ulster, and Newry, Mourne and Down.

The biggest fall happened in Mid and East Antrim, with prices dropping by 3.1%. Prices in Belfast dropped by 2.3%, falling to an average of £115,686.

However, based on the same period a year earlier, house prices across Northern Ireland increased by 4.3%.

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