Northern Ireland House Price Index (HPI) Increases 4.3% Annually.
Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the House Price Index report for Quarter 1 2017. The House Price Index (HPI) is designed to provide a measure of change in the price of a standardised residential property sold in Northern Ireland. According to the statistics, the house price index in Northern Ireland has increased annually by 4.3%.
The standardised price for NI as a whole is £124,007 and ranges from £109,411 in Derry City and Strabane to £146,662 in Lisburn and Castlereagh. All council areas showed an increase over the 12 months since Q1 2016. Mid Ulster reported the smallest increase of 2.0%, while the index for Derry City and Strabane was 8.4% higher than Q1 2016.
Within the report, the Standardised prices is considered within the context of the local economy. To set the NI HPI within this economic context, the Northern Ireland Composite Economic Index (NICEI – an experimental official statistic https://www.economy-ni.gov.uk/articles/northern-ireland-composite-economic-index-nicei), along with the UK and Republic of Ireland GDP indices have been presented with a graph of the NI house prices at Figure 6.1. Underneath is an economic time line showing key world, European, UK and NI events.