Northern Ireland property prices increase by 12 per cent

By Michelle Rock

The rate of increase of property prices in Northern Ireland reached a 7 year high according to new figures from the Office for National Statistics (ONS), with a nearly 12 per cent increase in 2013.

The jump in property prices was the largest of the UK regions, but Northern Ireland still has the lowest average house price at £147,000, and property values are considered to still be 43 per cent below the peak levels reached in 2007. Estate agents are seeing an increase in demand among first time buyers and home movers in Northern Ireland, but the fortunes of the property markets across the different areas of the province vary greatly.

As is always the case with property statistics, there is a regional element to the reported 12 per cent increase in Northern Ireland house prices. South Belfast and the north Down area are largely responsible for the very flattering statistic on house values, with increased demand and renewed employment confidence taking effect in the property market. In the rest of Northern Ireland, and in particular in rural areas, activity among property buyers is not as high, and as such property prices have remained stagnant or increased very marginally.

There is confidence that property sales will increase in the first quarter of 2015, with stamp duty reform, competitive mortgage products, and increasing employment stability expected to combine to get more first time buyers on the property ladder.

If you are buying, selling or remortgaging a property in Northern Ireland, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast for information or advice by calling 0800 840 9290.

Or you can request a callback from us at a time of your convenience by clicking here.