Northern Ireland’s house price index for the last quarter of 2016 shows a continued rise in house prices here, with a 5.7% increase over the past year. While the number of sales decreased slightly, this reflects the lack of supply in market. It’s worth noting that at the 2007 peak more than 29,000 homes were sold, compared to just under 11,000 selling in 2008. The 2016 figures show a strong level of activity with 21,669 sales and provide a firm foundation moving into 2017.
This solid performance against a backdrop of political uncertainty with the Brexit vote represents a wider consumer confidence in the market, and the Apartment sector which has significantly underperformed in recent years has shown real growth with a price increase of 11.5% over the past 12 months.
Anyone watching the recent edition of Location, Location, Location filmed here - especially residents of mainland UK – will know that the Northern Ireland property market provides excellent value for money, with comparative prices some 43% below the UK average. As always, cost varies from region to region, with the most expensive average house price to be found in Lisburn and Castlereagh for £149,600. In the Derry and Strabane council area the average house will cost substantially less at £108,464 but this is also the region were house prices have seen the most growth, with an 11% increase on the same period last year.
As we approach Spring, which is traditionally one of the busiest times of the year in property sales, we envisage a substantial increase in the number of properties coming onto the market to meet the demands of purchasers here.