Northern Ireland House Prices To Rise 4% By 2022
Northern Ireland is set to experience the strongest house price growth in the UK over the next four years.
This is according to a forecast by financial giants, PwC. Their UK Economic Outlook (UKEO) predicts that NI house prices will increase by 4% by 2022. This is compared to an estimated overall UK growth rate of 3.4%.
As the average NI house price is currently at around £128,000, by PwC’s predictions this will reach £154,000 over the next four years.
The report suggests that the local housing market is more resilient than the rest of the UK. Whilst the data reveals that NI is currently seventh highest among UK regions when it comes to property price growth, they are set to hit third place by 2019 and top the list by 2022.
Even if the expected 4% rise is achieved, house prices in Northern Ireland will still remain around 28% lower than the 2007 pre-recession average.
PwC Chairman and UK Head of Regions Paul Terrington said: “The Northern Ireland property market continues to perform better than expected, with a positive balance between earnings and house prices. But prices remain well below their peak level in 2007, and this gap is unlikely to close in the near future.
“We have also considered the effect of future interest rate rises, and believe that only around 11% of UK households would be immediately affected if rates increased.”