Average House Prices In Northern Ireland Rise By 2% To £131,989

Posted: by January 10th, 2018

house prices Northern Ireland 2018

The average house price in Northern Ireland rose by 2% in 2017, to an average of £131,989.

Despite this, Northern Ireland still remains one of the cheapest places to buy a property throughout the UK.

Overall, there was a 2.6% growth in house prices in the UK. London was identified as the UK’s weakest performing region for the first time in 14 years, according to Nationwide Building Society. In London, house prices were down by 0.5% annually to an average of £470,922. 

The average house price in the UK in December 2017 was £211,156. This represents a month on month increase of 0.6%.

However, in Northern Ireland, house prices actually decreased by 0.1% in the final quarter of 2017.

The average rise of house prices in the UK in 2017 was the slowest of any calendar year since 2012. For example, in 2016, the annual growth was 4.5%.

Nationwide calculate that buyers could be having for a deposit for eight years and up to a decade in London.

Nationwide’s Chief Economist, Robert Gardner said: “Overall, we expect house prices to record a marginal gain of around 1 per cent in 2018.

“Over the longer term, once the economy regains momentum, we expect house prices to rise broadly in line with earnings.”

He also commented that this will have much to do with Brexit’s impact on the economy.

 

The average house prices and annual growth in the UK, according to Nationwide Building Society:

West Midlands, £182,861, 5.%

South West, £239,576, 4.8%

East Midlands, £177,180, 4.6%

North West, £157,488, 4%

Wales, £150,885, 3.3%

Outer South East £277,030, 3.1%

Scotland, £146,578, 2.6%

East Anglia, £223,613, 2.3%

Northern Ireland, £131,989, 2%

Yorkshire and Humberside, £151,747, 1.8%

Outer Metropolitan, £361,598, 1.2%

North East, £124,535, 0.2%

London, £470,922, -0.5%

 

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