NORTHERN IRELAND HOUSE PRICE RISE IS HIGHEST IN THE UK
The latest House Price Index figures for Q4 2018 show a staggering 5.5% annual increase for Northern Ireland.
House Prices in Northern Ireland not only increased by 5.5% annually but also 1.3% on the previous quarter. Growth in NI was highest of all UK regions, marking a very strong performance for the local economy.
The average house price in Northern Ireland for Quarter 4 of 2018 now sits at £136,669.
Ten out of eleven council districts showed an increase over the quarter, with the highest in Antrim and Newtownabbey, where prices grew by 6.8% on Q3 2018. All NI council districts increased annually, since Q4 2017.
Since the EU referendum in mid 2016, prices are 11% higher in Northern Ireland compared to 8% across the UK. The combination of continued low levels of housing supply, alongside slowing demand due to Brexit uncertainty has postponed activity in these areas with many buyers exercising caution until further clarity around the future EU relationship emerges.
From a local perspective, the latest RICS survey (Dec 2018) shows Northern Ireland the North West England are the only regions of the UK that the majority of estate agents expect house prices to continue to rise in early 2019. Affordability and pent up demand should continue to support house price growth in Northern Ireland in the coming year.
5,736 residential properties were sold during Q4 2018 (this will be revised upwards next quarter due to late returns).
The House Price Index measures change in the price of residential property sold in Northern Ireland (NI). The Index uses stamp duty information on residential property sales recorded by HMRC. The NI House Price Index series is used as the NI component of the single official UK HPI and the statistics are comparable with other UK regions.