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NI house prices rise to average of £143k, but still rank lowest in UK

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The average house price in Northern Ireland has grown by 2.4% to £143,205 over the last year, according to a government report (stock image)

The average house price in Northern Ireland has grown by 2.4% to £143,205 over the last year, according to a government report (stock image)

The average house price in Northern Ireland has grown by 2.4% to £143,205 over the last year, according to a government report (stock image)

The average house price in Northern Ireland has grown by 2.4% to £143,205 over the last year, according to a government report.

However, NI's rate of growth was the weakest of the four UK nations, and in the UK as a whole, prices had grown by 4.7%.

The house price index from Land & Property Services said Derry City and Strabane was the cheapest location at an average of £126,412, while Lisburn & Castlereagh was the dearest, at £170,530.

And even though the housing market in NI had been on pause from April to June, the index still grew by 1.5% between the second quarter of the year and the third quarter, July to September.

There had been 4,630 homes sold in Northern Ireland during the third quarter, the index showed. And there was a 2.4% jump in the average price to £143,205 between July to September 2019 and the same period of 2020.

Across the 11 district council areas, Derry City & Strabane reported the strongest percentage increase, at 5.3% to £126,412.

And two areas reported a fall in the average price. In Fermanagh and Omagh, prices had fallen by 1.9% year on year to an average of £128,657, while Mid-Ulster prices decreased 1.5% to £134,136.

Prices in Lisburn & Castlereagh had grown by 3.2%.

As a result of lockdown, sales in Northern Ireland from April to June were nearly 70% below a year earlier.

Meanwhile, an Office for National Statistics report shows that the average UK house price reached a record high of £245,000 in September, after jumping by 4.7% over the year.

It meant property values were £11,000 higher on average in September than a year earlier.

The typical London house price also hit a record high of £496,000 in September, the ONS said.

Average house prices increased over the year in England to £262,000 (4.9%), in Wales to £171,000 (3.8%), and in Scotland to £162,000 (4.3%). NI's 2.4% growth was the weakest.

A stamp duty holiday on property sales in England and NI was introduced by Chancellor Rishi Sunak in July.

Similar cuts were made on the property sales taxes that apply in Scotland and Wales.

The ONS index is based on completed transactions.

As a house sale typically takes six to eight weeks to complete, the price data feeding into its September index has started to reflect these tax changes.

The report said: "The tax holiday is due to end on March 31 2021 across the whole of the UK. This may allow sellers to request higher prices as buyers' overall costs are reduced."

Belfast Telegraph


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