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Northern Ireland house prices end the decade showing continuous growth

Wednesday 19 February 2020

The Northern Ireland Statistics and Research Agency have released their findings for the Northern Ireland House Price Index for the period between October and December 2019 and show the positive figures from previous quarters have continued throughout the year.

The standard price for a property in Northern Ireland is now £140,190 which is up 2.5 per cent on the same period last year and an increase of 0.2 per cent on the previous quarter.

Estate agents throughout the country will not be surprised to hear the volume of sales has dipped with 6,021 confirmed sales in this quarter compared with 6,765 to the same period last year.

A decline in sales was a trend that continued throughout the year with 2019’s total of 23,919 confirmed sales being a 5 per cent decrease on 2018.

LIGHT AT THE END OF THE TUNNEL

Despite the volume of sales being slightly lower than the previous two years, there remains much a lot to be optimistic about the housing market and its continued growth.

Weirdly, the decade started as it ended, with the standardised house price of £140,190 but the volume of sales, however, has more than doubled, at the end of 2009 there were only 11,643 verified transactions.

During the last decade house prices dropped at one point by 29.3 per cent and there seem to be no signs on the horizon of a similar downturn.

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The start of the year has been extremely busy, new homes, in particular, proving popular with buyers. These figures are extremely pleasing and hopefully, the positive news will feed through to those who are considering selling but have been procrastinating with their concerns about market conditions.

Mary-Lou Press NAEA Propertymark Regional Executive for Northern Ireland and partner at leading Downpatrick estate agents Alexander, Reid & Frazer.

Full details of the report can be found below.

Full report