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Northern Ireland house prices up by 6% as stability returns to market

By Claire McNeilly

Published 18/11/2016

Northern Ireland house prices have risen by more than 6% over the past year, bringing the cost of an average property to just under £160,000
Northern Ireland house prices have risen by more than 6% over the past year, bringing the cost of an average property to just under £160,000

Northern Ireland house prices have risen by more than 6% over the past year, bringing the cost of an average property to just under £160,000.

But new figures from the Ulster University House Price Index also show an increase of just over 0.1% over the last quarter, as the market feels the affects of post-Brexit vote volatility.

Property is worth most in south Belfast, where an average house costs almost £225,000, while the cheapest location is Londonderry/Strabane, where the average property price is just under £99,400.

Joe Frey, head of research at the Northern Ireland Housing Executive, said there had been stability in the market for more than two years.

"Quarterly and annual rates of house price change may vary substantially when viewed in isolation, but overall the period since early 2014 has been characterised by relative stability in Northern Ireland's housing market," he said.

"The uncertainty that will arise over the next few years as a result of Brexit will undoubtedly impact on the market, but it is much too early to estimate the size of this impact."

Despite new legislation introduced in April 2016, which increased stamp duty by 3% for those buying a second property, the research records a rise in residential property sales over the quarter to 2,013. The report also highlights a major shift in the market share taken by newly built property at 20%, suggesting further strengthening of private sector housing development.

The figures show the average price for a property in Belfast is just shy of £172,000.

That rises to just over £189,000 in North Down, where property is more expensive than everywhere except south and east Belfast (£189,700). An average house costs around £109,800 in north Belfast and £121,600 in west Belfast, while you can expect to pay £164,200 in Lisburn and £126,600 in east Antrim.

Ulster University's Quarterly House Price Index Report is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society.

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