Northern Ireland property sales highest since 2007

By Michelle Rock

The number of Northern Ireland property sales are at their highest since 2007 according to new figures from the Northern Ireland Statistics and Research Agency.

The Residential Property Index shows a 7 per cent increase in Northern Ireland property prices over the last 12 months, with a 3 per cent increase between October 2013 and March 2014. The average property price is calculated at £102,000, working out at approximately four times the median annual salary in Northern Ireland.

Despite the house value increases, property in Northern Ireland is still worth approximately 50 per cent less than it did at the height of the boom in 2007. As such, many homeowners in Northern Ireland are still in negative equity, and the gradual price increases we are experiencing are not sufficient to make any serious impact on their problem. Many are attempting to pay their way out of negative equity by taking advantage of the interest rate freeze to overpay on their monthly mortgage payments.

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