Belfast Telegraph

Belfast houses have the lowest value brick of any city across UK

By John Mulgrew

The average brick in a Belfast house is worth just over £22 on average - the lowest value of any UK city, research has found.

Across the UK, a single brick - when calculated by looking at the price and size of an average home - is worth £47.44, the Centre for Economics and Business Research (Cebr) has calculated.

The average cost of a Belfast brick in 2006 - before the property crash - was £25.64. And it is predicted to be worth £24.01 in 2020 - £1.63 less than the peak price.

Wide variations in property prices mean each brick making up a typical London property is worth £121.08, while a single brick in a home in Belfast is worth £22.09 on average, according to the research carried out for Barclays Mortgages.

Looking across the country, researchers said the average brick in a home in Oxford is worth £95.50, while one in Glasgow is worth £22.55, one in Nottingham is worth £27.19 and one in Liverpool is worth £25.87.

Meanwhile, the number of new home buyers in Northern Ireland has risen for the first time in six months as the market "gathers momentum" following the vote for Brexit, a survey suggests.

And a majority of surveyors said house prices rose across Northern Ireland over the last three months, according to the latest Royal Institute of Chartered Surveyors (Rics) and Ulster Bank survey.

It said prices and sales rose last month. But the number of properties going on the market remained largely flat and subdued compared to the increase in enquiries from new buyers.

The survey said that suggests "supply in the market will likely remain tight".

The Rics survey said housing market confidence is showing signs of improvement following "post-referendum jitters".

In September, a balance of 8% more chartered surveyors reported an increase in buyer inquiries rather than a decrease, Rics said.

It marks the first month since February that the number of surveyors seeing a growth in interest from buyers has outweighed the number seeing a drop-off.

Rics said there has been a "significant turnaround" in buyer interest since June, the month when the EU referendum vote was held. In June, an overall balance of 34% of surveyors were seeing buyer interest decreasing rather than increasing.

But while buyer demand picked up in September, the number of new properties coming to market fell again - continuing a trend of dwindling stock seen for the most part of the last two years.

Belfast Telegraph


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