The big news in the Northern Ireland property market over the last few days has been the eight per cent price rise in houses here, according to the latest figures revealed by the UK House Price Index. It’s a positive headline, but one size does not fit all and while the figures show we grew faster than any other area of the UK in the past month, each vendor and purchaser will have a different experience.
Differing sectors of the market are seeing contrasting results, with the homes up to the value of around £400,000 enjoying sustained levels of activity. The higher end of the market paused over the traditionally more quiet summer months, and as we approach the turn of calendar year it’s unclear to predict precise values and outcomes without taking individual circumstances into consideration.
The average price in Northern Ireland for August 2016, according to the Office of National Statistics, was £123,000, but as always we are seeing some areas considerably outperforming others which makes the picture vary from region to region.
Looking at the UK as a whole, the cost of purchasing a house has jumped by 8.4% in the past year at £218,964, a vigorous result for continued growth. Apartments were the best performing property type with a 9% rise, closely followed by detached houses.
Nationally, sales have slowed by 25%, with a 21% drop in activity locally compared to the same period last year. This can be attributable to a number of factors, including the annual summer market lull, Stamp Duty hikes and the Brexit effect.
Regardless of the significant increase, the region remains the lowest-price location for housing across the UK, and Keith Mitchell, Partner at Templeton Robinson says these latest figures also reflect the political uncertainty around Europe.
“The latest figures are an encouraging sign for the property market across the UK but in particular here in Northern Ireland. Consistent price increases, on both monthly and annual basis, are reassuring for vendors but ultimately success depends on a variety of factors.
“As an overall outlook across the UK, completed sales have decreased however, demand still outstrips supply in the market and we look forward to renewed activity in 2017.
All properties can be viewed at TempletonRobinson.com