Report suggests NI property market stability

The latest University of Ulster Quarterly House Price Index suggests that there are signs of stability returning to the property market in some regions of Northern Ireland.

The overall average sale price increased during the second quarter of the year according to the report, with the majority of properties (71%) selling for £150,000 or less. The overall average house price in Northern Ireland during April to June was £139,633. That figure does not include properties sold at auction, as those sales generally involve larger discounts which do not reflect the real value in the market. The Northern Ireland average house price is estimated at £96,000 if property auctions are taken into account.

The report suggests there was a drop in property transaction levels, as first time buyers in particular find themselves unable to get on the property ladder as a result of high deposit requirements by most mortgage lenders.

For a breakdown on average house price by region and property type click here.
If you require a conveyancing solicitor to handle a house purchase, sale or remortgage for you, contact Wilson Nesbitt solicitors in Belfast or Bangor by calling 0800 840 9290. To read more Wilson Nesbitt articles on the Northern Ireland property market click here.