NI House Prices Up 5.9% annually according to new UK Wide House Price Index.
Today marks the first release of a UK wide House Price Index published by the Land Registry and Office of National Statistics, which provides full coverage of the housing market and an improved approach to working out house prices. The new HPI introduces improved methodology to address limitations with the previous house price indices notably:
- the inclusion of both cash sales and new dwellings in calculations to provide full coverage of the housing market
- the use of a more appropriate calculation of average price that is not as sensitive to extreme valued property
- a calculation process that ensures the price index is representative of the current housing market
- publication of average prices that are fully comparable over time
Due to outliers being dealt with more carefully in the new House Price index, the average price of a home in England and Wales is now £216,000 (compared with the previous figure of £301,000) – in Northern Ireland, the average house price is now £117,524 representing a 5.9% increase annually, (but down 1% for the month), with analysts citing uncertainty caused by the EU referendum likely to blame.
There is also an interactive tool now available in Beta to allow you to analyse the prices and see the trends: http://landregistry.data.gov.uk/app/ukhpi/explore