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Northern Ireland's House Price Index continues to rise

Monday 10 December 2018

Northern Ireland's latest quarterly figures, released by Land and Property Services, evidence the continuing growth in the sales market in Northern Ireland as a whole.

The overall index showed an increase of 2.3 per cent between the second and third quarter of 2018, with an average increase of 4.8 per cent since the same period last year. In total the House Price Index is now 21.7 per cent higher than Q1 of 2015, and 20.7 per cent higher than Q1 2005.

Between 2009 and 2011 the annual number of verified sales was around 11,000. From 2012-2016, the number of sales has increased each year and in 2017 there were over 24,500 sales. 

The volume of verified sales registered for Q3 of 2018 stood at 5722. And whilst this is currently lower when compared to Q2 (5972), it's worth noting, that the after the Q2 report was released the figures increased by 664 once all the late registrations had been received, and we would expect the same to happen with the Q3 numbers. 

When it came down to property type, the index for detached, semi-detached and terrace properties all increased in Q3 compared to the previous quarter, while the index for apartments decreased by two per cent. Terrace properties saw the biggest increase at 3.1 per cent, with detached increasing by three per cent and semi-detached properties increasing by two per cent.

Taking a look at past trends, in 2009 the single largest type of properties sold were semi-detached houses, around 35 per cent. During 2014 the most popular choice for dwellings sold was detached (32 per cent), however in 2016 and 2017, semi-detached sales once again became the preferred choice (34 per cent). Apartment sales have remained steady over the period at around eight per cent of all sales. 

The standardised house price for Q3 is £135,060 showing a percentage increase of 2.3 per cent on the previous quarter's figures and an increase of 4.8 per cent on last year- a positive sign that will hopefully continue into 2019 and beyond.

Read the full report