House price rises building slower..

Brexit & stalemate to blame

HOUSE prices in Northern Ireland are continuing to increase, but at a slower pace as the uncertainty around Brexit and the stalemate at Stormont dents confidence.

The average cost of residential property stood at £161,948 in the three months to the end of September, up 1.5% on the same period last year.

The University of Ulster and Progressive Building Society’s Quarterly House Price Index said the lack of clarity around the future relationship between the UK and European Union and the inherent challenges this poses for Northern Ireland are curbing investment in the housing

sector. However, the market is underpinned by continued affordability, sustainable growth, a resilient economic environment and low unemployment.

Deputy chief executive and finance director at Progressive Building Society Michael Boyd said the housing market’s fortunes are dependent on a swift and satisfactory outcome to the Brexit process despite economic measures recently announced.

He added: “There were positives within the recent budget with the announcement of a £350million Belfast City Deal with negotiations for Derry and Strabane to create a similar deal due to take place as well.

“However, the impact of stalled infrastructural development in Northern Ireland due to lack of a functioning executive is being felt in the economy and a dynamic political local environment would do much to address this.

“The long-term outlook for 2019 and beyond for the Northern Ireland’s housing market is affordability where a sustainable local housing market can be maintained.” When it comes to regions within Northern

Ireland, Belfast was one of the few where prices eased lower with the average price now standing at £170,271 with semidetatched and bungalows bearing the brunt of the fall.

Elsewhere, prices edged up with those in North Down now at £194,860, in Lisburn at £169,057, East Antrim at £147,115, Derry and Strabane at £125,913, Antrim and Ballymena ay £152,352, Coleraine/limavady/north Coast at £156,096, Enniskillen/ Fermanagh/south Tyrone at £190,279, Mid Ulster at £144,933, Mid and South Down at £157,442 and Craigavaon/armagh at

£129,921.