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Annual growth of 3.5% in Northern Ireland house market

Friday 24 May 2019

The latest Northern Ireland Residential Property Price Index covering the first quarter of the year has shown an annual growth of 3.5% compared to the same period in 2018.

Whilst the figures show an annual increase it is a 1% decrease on the previous quarter figures, the first such decrease in over two years.

It has also revealed the average price of a property is now £134,811 which is also down on the previous quarters figure of £136,669

The number of residential property sales in the first quarter of the year are also considerably lower with 4,272 registered sales compared to 5,471 from the same period last year. This figure is likely to increase once all the late returns have been received.

There was only positive news with three of the eleven council districts showing increases compared to the previous quarter.

Mary-Lou Press, NAEA Regional Executive for Northern Ireland positively reflects on the report: “The figures may look disappointing, but they are being compared to what was a very strong end of year quarter. We are still noticing demand is higher than supply and despite the uncertainty over Brexit remain optimistic the residential market in Northern Ireland will continue to grow.”   

Read the full report