5.3% rise in Ulster property prices

Detached homes ‘top choice’

THE average house price in Ulster is now £148,000, it has been revealed.

It remains around £100,000 lower than the average for the whole of the UK, which was reported to be £252,000 by the latest official figures.

The cost of Northern Ireland homes has increased by an average of 5.3% and detached houses are the most sought after.

The figures from the Office for National Statistics show the value of UK properties surged by 8.5% year on year – marking the highest annual growth since October 2014. The report said:

“Recent price increases may reflect a range of factors, including pent-up demand, some possible changes in housing preferences since the pandemic, and a response to the changes made to property transaction taxes.”

And SPF Private Clients chief Mark Harris added: “The housing market continued at full speed ahead as we approached the end of the year.

“With demand from buyers for more space outstripping supply, prices inevitably edged upwards.

“Detached houses continue to be the property of choice.” Average house prices increased over the year:

■ England to £269,000 (8.5%),

■ Wales to £184,000 (10.7%),

■ Scotland to £163,000 (8.4%) ,

■ Ulster to £148,000 (5.3%),

■ London’s average house prices remain the most expensive in the UK at £496,000 in December 2020. The North East of England continues to have the lowest average price at £141,000.

The stamp duty holiday is due to end on March 31 and there are concerns some buyers may pull out if they do not meet the deadline.

The ONS warned the impact of the pandemic may mean larger revisions need to be made to statistics than usual.