Northern Ireland is region with fastest property price growth

By Lauren Burns

Property prices increased by the most in Northern Ireland in the 12 months up to June according to new figures from the Nationwide Building Society.

The 8 per cent increase in property prices in Northern Ireland over the last 12 months meant that London was only the second best performing region with a 7.3 per increase. However, the average house price in Northern Ireland is said to be £126,525 - still approximately 45 per cent down on peak property values in 2007. Across the UK as a whole house prices only increased by 3.3 per cent in the 12 months to June.

A recent Office for National Statistics (ONS) report suggested property prices had increased by 9 per cent in the 12 month period up to May and that the average property price was estimated at £147,000.

Property transaction levels in Northern Ireland have been muted in recent months, and it is widely considered that the considerable property price increases are down to a lack of supply. A recent survey by Royal Institution of Chartered Surveyors (RICS) showed a lack of optimism about an increase in property purchases, with only 8 per cent expecting activity to pick up over the next 3 months.

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