Second modest rise in Northern Ireland house prices

By Christine Farrell

The Office for National Statistics (ONS) has reported a second consecutive increase in Northern Ireland property prices, albeit a modest one.

Northern Ireland house values are said to have increased by 1.1 per cent in August compared to the same month in 2012. The ONS had previously reported a 1.9 per cent increase in July compared to last year, and while house prices have a long way to go to reach the heights of 2007, the figures will add to the renewed confidence among purchasers in Northern Ireland. A stable housing market, together with the Help to Buy scheme that will enable purchasers to buy with just a 5 per cent deposit, are expected to increase sale transaction levels over the coming months.

The increase means the average house price in Northern Ireland is now £130,000, still the lowest in the whole of the UK by some way - the next highest region is Wales with an average house price of £164,000.

If you are buying, selling or remortgaging a house in Northern Ireland, and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.