NI House Prices on the Rise
House prices across North Down, Lisburn and East Antrim have increased over the past 12 months, according to figures published today in the NI Housing Market Report by the University of Ulster.
The report signals a positive sign for the property sector in Northern Ireland. Based on figures from January, February and March 2017, it draws comparisons with the first quarter of 2016. The statistics are based on a volume of house sale transactions.
Location, Location, Location
Overall, the average house price in Northern Ireland for the first quarter of 2017 was £153.448 (increase of 4.8% compared to the first quarter of 2016). North Down, Lisburn and East Antrim all experienced house price growth over the year – compared to Belfast which largely remained unchanged with property typically costing £160,317.
North Down tops the list for the most expensive area to buy property in Northern Ireland, with an average property price of £185,952, closely followed by Mid and South Down (£173,183) and Lisburn (£171,516).
Along the North Coast, Coleraine and Limavady, average house prices are £141,173, followed by Craigavon/Armagh (£141,743). Enniskillen/Fermanagh and South Tyrone remains the least expensive place to purchase property in Northern Ireland – with average house prices £113,401.
Average house prices have increased for all property types in the first quarter of 2017, compared to the same period in 2016 – ranging from £178,221 for detached bungalows (up 9.9%), £100,727 for terraced/townhouses (up 2.7%), £239,857 for detached properties (up 6.1%) and £143,663 for semi detached properties (up 7.5%).
Average House Prices Northern Ireland
Average house price in Northern Ireland for Q1 – 2017
Semi-detached house £143,663
Detached house £239,857
Semi-detached bungalow £112,195
Detached bungalow £178,221
Semi-detached properties dominate the most popular property purchased (32%)
Rental Potential Northern Ireland
The report states that the growth in average monthly rentals in Northern Ireland has been steady, although this is not to the same extent as in Dublin – where lack of both social and affordable housing has added pressure to the already tight rental market whereby the average rental asking price for a three bedroom house increased by more than 50% between 2011 and 2016.
The latest figures reflect that, despite the political uncertainly in term of Brexit and the breakdown in power sharing, the Northern Ireland housing market remains ‘confident’ and has shown a resilience, with average house prices having grown annually.
For a full copy of the House Price Index report click here.