Belfast Telegraph

Northern Ireland house prices buck UK trend to grow at a far quicker rate

Adviser: Howard Archer
Adviser: Howard Archer

By Staff Reporter

Northern Ireland's housing market is continuing to buck UK-wide trends as a survey claimed nationwide prices are "going nowhere" amid Brexit uncertainty and a looming general election.

The Halifax index showed annual growth in property values UK-wide slumped to its lowest levels in over six years in October.

Prices were just 0.9% higher in October than a year earlier.

However, separate surveys for Northern Ireland have said prices are rising at a stronger rate than in Britain.

Last month a survey by Nationwide Building Society said the average house price here grew by 3.4%.

The average price paid for a house here is now £144,053, Nationwide said.

The UK-wide Halifax index said October's growth of 0.9% was the lowest rate of annual growth since April 2013 when the increase stood at 0.6%.

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The UK's average house price in October was £232,249 - 0.1% lower than in September.

Howard Archer, chief economic adviser at EY ITEM Club, said: "UK house prices are currently going nowhere amid uncertain, challenging conditions, and it is hard seeing the situation changing until there is greater clarity over Brexit and (the) domestic political situation."

While there has been strong growth in house prices here, the last survey on the housing market by the Royal Institution of Chartered Surveyors (RICS) included a note of caution as instructions to sell were falling.

Surveyors and estate agents said that political developments over the next few months are expected to have an impact on the market.

Belfast Telegraph

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