In the first major report of the year into the property market here, Land and Property Services assisted by the Northern Ireland Statistics and Research Agency has revealed that house prices for Q4 2015 were up 7% year-on-year, with the property price index now 6% higher than in the first quarter of 2005.
The Northern Ireland Residential Property Price Index reports the sale of 20,400 residential properties during 2015, with average values ranging from £96,492 in Derry and Strabane to £140,881 in North Down and Ards. The biggest percentage increase came from the West, with Fermanagh and Omagh boasting a 13% increase for the year, 5% above nearest rival Belfast.
Strong and steady growth was recorded across all district council areas, with the exception of Mid Ulster which showed a decrease of 1%. Despite this small glitch in an otherwise flawless quarterly report, Templeton Robinson Senior Partner Beth Robinson says the figures reflect an increased assurance within the market.
“This report certainly indicates and confirms that confidence in the market here is continuing to grow across the board. One of the leading factors in the increases we’ve seen is the demand for property here which is currently outstripping supply.”
“These figures are to be welcomed and the report reflects on a strong market performance for 2015. We aim to keep the momentum going as we continue through the first quarter of 2016, and look forward to seeing continued growth in all five Templeton Robinson Regional offices, and indeed across the board.”