Belfast Telegraph

Northern Ireland house price rise highest in UK - Belfast has 7.7% increase

At the end of 2018, the average house price in Northern Ireland was £136,669 - while the UK average was £230,776.
At the end of 2018, the average house price in Northern Ireland was £136,669 - while the UK average was £230,776.

House prices in Northern Ireland grew at the highest rate of any other region in the UK in the last year, according to the latest figures.

Prices in Northern Ireland increased by 5.5% in the year to December 2018, according to statistics from Land and Property Services.

Comparable figures from HM Land Registry show that the lowest annual growth of any UK region was seen in the North East of England, where prices fell by 1%.

At the end of 2018, the average house price in Northern Ireland was £136,669 - while the UK average was £230,776.

Northern Ireland's house price figures are also broken down by council area, with Belfast seeing the highest year-on-year increase at 7.7% and Mid and East Antrim the lowest at 1.6%. 

The average cost of a home in Northern Ireland's capital was £131,324, while the most expensive average property price was seen in the Lisburn and Castlereagh region at £160,834.

Across the UK, property values increased by 2.5% in the year to December - the lowest annual rate since July 2013.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "December's figures confirm a slowdown in house price growth which is not really surprising given the time of year and ongoing Brexit shenanigans.

"The national average figure masks significant regional differences with prices falling in the North East and London, whereas Northern Ireland and Wales experienced relatively strong house price growth."

Last week, research by Ulster University and Progressive Building Society suggested Brexit is affecting the Northern Ireland housing market, with buyers and sellers putting off big decisions until after next month's Brexit deadline.

"Estate agents' market observations this quarter have been dominated by the impending Brexit deadline," the report said.

"There is a strong feeling that many vendors, purchasers and investors are collectively holding off from any significant decisions relating to property transactions until the outcome of the ongoing Brexit negotiations has been decided."

Belfast Telegraph Digital

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