Northern Ireland house prices up 2.8 per cent

By Christine Farrell

Northern Ireland property prices increased by 2.8 per cent in February compared to the same month last year according to new figures from the Office for National Statistics (ONS).

The latest figures suggest that the average property price in Northern Ireland stands at £130,000 as of February. The extent of growth in house values is modest compared to the other regions in the UK, and does little to restore them anywhere near the prices during the height of the boom. Houses in Northern Ireland are still 50.2 per cent lower than they were at their highest levels some years ago, meaning negative equity remains a very significant problem throughout the country.

However, first time buyers and home movers will take confidence from the continued rise in house prices as evidence that the market has bottomed-out, and the risk of falling house prices has largely dissipated.

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

 

 

(Image rights reserved by Images_of_Money)