Belfast Telegraph

Belfast house prices rise 4% to average of over £137,000


Most expensive: £1,295,000, Broomhill Park
Most expensive: £1,295,000, Broomhill Park

By Caitriona McBride

House prices in Belfast have grown by 4% over the last year to hit an average of £137,600 according to a report released today.

Website Zoopla said the city has had one of the fastest rates of house price growth in the UK, although Leicester was top at 4.7%, to reach an average of £180,000.

Richard Donnell, Research & Insight Director at Zoopla, said: "Belfast saw a major boom and bust in house prices between 2007 and 2012.

"Housing affordability is now running at a sustainable level and the pace of house price growth has held steady at 3-4% over the last three years."

Fewer than 23% of London postcodes have registered negative house price growth in October, down from 82% registering price falls a year ago, according to Zoopla.

But the rate of annual growth in property values is slowing across the UK's major cities generally.

Annual house price growth in every city covered by the index has now been running below 5% for three months in a row - August, September and October.

Thomas O'Doherty, from Simon Brien Estate Agents, said: "The Zoopla report results tie in with other surveys and reports we are seeing on Belfast house prices that have been carried out.

"We have seen that house prices are growing around 3% to 3.5%, year on year."

Mr O'Doherty said that he and his colleagues on the ground are finding that the market is strong and they are seeing there is a lot of demand, but not enough supply. "The issue can be limited stock. Even though it is the end of November, at our morning meeting this morning we had people bidding on resale properties and on new developments in Belfast and in the Newtownards area.

"Provided properties are presented well and priced well, it will go well on the market," he said.

"Builders are now building properties and new developments that people want with a good spec and good quality."

Brexit has not had an effect on property prices in Belfast, according to Mr O'Doherty. The low interest rates have made it cheaper for many to buy rather than rent a property.

"Brexit has really not affected our business. Interest rates are historically low and in a lot of cases, if you have a 10% deposit it is cheaper to buy than rent, especially with a fixed rate mortgage."

Right now in Belfast, one of the cheapest properties is a two-bedroom apartment at 122 Skegoneill Avenue described as "a short commute to Belfast city" which is going to auction at a guide price of £50,000.

At the top end of the market is 5 Broomhill Park, Malone Road, Belfast, BT9 5JB with an asking price of £1,295,000.

There are plenty of properties in Belfast available around the average price, which is £137,600, according to the Zoopla survey.

In Mill Valley, a new development in north Belfast, the asking price for a three-bedroom semi-detached with a brick finish is £135,950.

Offers of £119,950 are being invited for 11 Willowfield Parade in BT6, while in BT3, a two bedroom apartment at 105 Quay Gate, 19 Station Road is on the market for £137,500.

A two-bedroom apartment at Old Bakers Court on the Ravenhill Road is £137,500 and at 10 Delhi Parade, a two-bedroom off the Ormeau Road, the asking price is £134,950.

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