Increase in NI house prices can give confidence boost to homeowners and buyers

THE average house price in Northern Ireland was £163,621 at the end of March, according to Ulster University’s latest quarterly house price index report.

This represents a 6.6% increase since the same period last year.

The report showed that the housing market has continued to experience a steady rate of price growth, as well as a slight decrease in sales volume.

The share of lower priced properties at or below £100,000 has decreased to 22%.

Semi-detached houses continue to be the dominant sector, accounting for more than one third of all transactions.

Professor Stanley McGreal from Ulster University said: “The latest survey of the housing market in Northern Ireland indicates a steady rate of price increase of 4% annually and 3.1% over the last quarter.

“These rates of growth, above the general level of inflation, can provide confidence to both home owners and potential purchasers

Survey: Professor Stanley McGreal

regarding the value of their investments while still maintaining affordability in the local housing market.”

Ulster University’s research is produced in partnership with the NI Housing Executive and Progressive Building Society.

Michael Boyd, Progressive deputy chief executive and finance director, added: “The consumer squeeze that had been building throughout 2017 has eased, with inflation falling against the backdrop of rising wages, which has boosted spending power for local households.”