House Prices Rise Across N.Ireland:
AVERAGE house prices across Northern Ireland have increased over the past quarter, most significantly in the North and West of the province, according to latest figures published in the NI House Price Index.
The Index, calculated by Land and Property Services, measures change in the price of residential property sold in Northern Ireland.
It indicates that average house prices in Northern Ireland increased by 6% in Q3 2017 to £132,169 – compared to £124,731 in Q3 2016. Fewer house sales took place across Northern Ireland in the past quarter – with 5,453 sales compared to 5,764 in Q2 2017.
All council areas across Northern Ireland saw house price increases over the past 12 months since Q3 2016. Properties in Causeway Coast & Glens and Derry & Strabane Councils saw the largest price increases over the past 12 months of 9.1% with average property prices in these councils currently sitting at £137,887 and £115,339 respectively. Mid and East Antrim reported the smallest price increase of 3.6%, while the Belfast area increased by a modest 3.9%.
House prices are often considered as measures of the economic prosperity of a region which signals very positive news for these areas especially when compared to the 6% average house price increase experienced across the whole of Northern during the same timeframe.
Semi-detached properties saw the biggest increase in price by 5.2% (to £131,427), while detached properties increased by 3.1% (to £198,197) and terraced houses increased by 1.4% (to £89,642) over the quarter. The prices for apartments decreased by 0.6% (to £104,318) between Q2 and Q3 2017.
Across the UK, the average price of property was £226,367 in Q3 2017, compared to £132,169 in Northern Ireland. Currently, the standardised house price for Northern Ireland ranges from £115,339 in Derry City and Strabane to £159,966 in Lisburn and Castlereagh.
The House Price Index is a quarterly report calculated by Land and Property Services in conjunction with The Office of National Statistics. The statistics are based on property sales recorded by HMRC. To view the full report visit here.