Belfast Telegraph

Northern Ireland house prices rise by 3.5% in past year

House prices have risen by 3.5% over the past year.
House prices have risen by 3.5% over the past year.
Margaret Canning

By Margaret Canning

House prices in Northern Ireland have increased by 3.5% over the last year to an average of £136,767 during April to June, according to a government report.

The house price index from Land & Property Services also said there had been a 0.8% increase in prices between the first and second quarter of the year.

Seven out of the 11 district council areas in Northern Ireland showed an increase, the index said.

Prices ranged from £120,226 in Armagh, Banbridge and Craigavon, the cheapest area, and £163,466 in Lisburn and Castlereagh, the most expensive council area in which to buy a house.

The index is compiled using stamp duty information following house sales — and unlike other house price surveys, includes auction and cash sales of houses.

It said that there were 5,210 residential properties sold during the second quarter of 2019 — though that tally was likely to be revised up due to late stamp duty returns.

House prices in Northern Ireland have been recovering gradually since the house price crash which began in 2007.  At the peak of the market in the third quarter of the year, the average price was £224,670, according to the index.  Today's prices are 40% lower.

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The separate Royal Institution of Chartered Surveyors (RICS) and Ulster Bank house price survey last week said Northern Ireland’s housing market remains one of the best-performing in the UK though supply could become an issue.

The earlier survey reported that new buyer enquiries and newly agreed sales were subdued, with data suggesting that fewer properties are coming on to the market.

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