5,453 property purchases in Northern Ireland in Q3

By Lauren Burns

There were 5,453 property purchases completed in Northern Ireland in the third quarter of 2017, with the average standardised price across all property types now standing at £132,169.

The figures in the NI Residential Property Price Index also show that house prices rose at an annual rate of 6 per cent in Q3 of this year, and were up 3 per cent from the previous quarter. The largest increases in property values were in Derry City and Strabane and Causeway Coast and Glens, were house prices increased at an annual rate of 9 per cent. Belfast was the area with the smallest annual increase, with property prices up by 4 per cent.

One of the biggest challenges to the growth of the Northern Ireland property market is considered to be a lack of new properties being marketed for sale. The figures show an increase in the number of new housing starts in the third quarter of this year, with work beginning on 2,444 residential properties. That is an increase of 19 per cent compared to the same quarter last year.

If you are buying a house in Northern Ireland, or selling or remortgaging your existing home, contact one of the property conveyancing solicitors at Wilson Nesbitt in Belfast or Bangor for information and advice by clicking here.