Northern Ireland has lowest property price increases in UK

By Lauren Burns

Property prices in Northern Ireland rose by 4.9 per cent in the 12 month period up to October, the joint lowest rate of growth in the whole of the UK.

The new figures from the Office for National Statistics (ONS) are based on property purchases involving a mortgage, and show England topping the rate of house price growth at 10.8 per cent. Northern Ireland and Scotland property values increased at less than half that pace. The research says that the average house price in Northern Ireland is now £137,000, which is close to the £141,173 average property value reported in the residential property price index from Land and Property Services.

It is hoped that the Stamp Duty reform announced in the Autumn statement by the Chancellor will help improve activity in the property market, though many have speculated that the changes will only result in house sale prices increasing.

If you are buying, selling or remortgaging a property in Northern Ireland, and want to speak to a conveyancing solicitor for information or advice, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

Or submit your details for a callback by clicking here.

 

 

(Image rights reserved by Images_of_Money)