Belfast Telegraph

Northern Ireland house prices rising at the slowest rate in UK

By Adrian Rutherford

House prices are rising at a slower rate in Northern Ireland than in any other part of the UK.

The price of a typical house here is £132,000, a figure that has barely changed in two years.

The details emerged in a report by the Office of National Statistics. It said house prices rose by 2.6% in April – well below the UK average of 9.9%.

The ONS index is based on data from mortgage completions, which is provided by the Council for Mortgage Lenders.

The key findings include:

  • UK house prices rose by 9.9% in the year to April 2014, up from 8% in the year to March 2014.
  • House prices rose by 10.4% in England, 3.3% in Wales and 4.8% in Scotland, making Northern Ireland's 2.6% increase the most modest in the UK
  • Annual house price increases in England were driven by significant rises in London (18.7%), the South East (8.9%) and the East (8.5%).
  • Excluding London and the South East, UK house prices increased by 6.3% in the 12 months to April 2014.
  • On a seasonally adjusted basis, average house prices increased by 2% between March and April 2014.
  • In April 2014, prices paid by first-time buyers were 10.7% higher on average than in April 2013. For owner-occupiers, prices increased by 9.5% for the same period.

As well as seeing modest growth, Northern Ireland property values are also well behind what they were at the height of the boom – 49.6% below their pre-crisis peak. In Scotland and Wales prices are 4.7% and 3.5% below the 2008 peaks respectively, but across England they are now 8% higher than their pre-crisis peak.

London is continuing to record strongest growth, with values there surging over the last year to reach £485,000 on average.

Factfile

Average mix-adjusted house prices in April 2014 stood at £271,000 in England, £166,000 in Wales, £132,000 in Northern Ireland and £187,000 in Scotland.

London continues to be the English region with the highest average house price at £485,000 and the North East had the lowest average house price at £152,000.

Excluding London and the South East, the average mix-adjusted house price was £199,000.

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