Northern Ireland housing market surprisingly stable

  • The latest Quarterly House Price Index report from Ulster University highlights sustainable and resilient annual price growth in Northern Ireland, with the level of transactions remaining healthy. 

    Ulster University’s Quarterly House Price Index is produced in partnership with Progressive Building Society and the Northern Ireland Housing Executive. The latest report analysed the performance of the NI housing market between October and December 2018, revealing an overall average house price of £163,165, up by 4.9% over 2017 figures.

    The distribution of sales prices this quarter is broadly similar to the previous quarter, with around 22% of properties sold at low-end prices of £100,000 or lower, and 58% of house sales at £150,000 or avoce, a drop of 2% compared to the previous survey. The survey also indicates that vendors, purchasers and investors may be collectively waiting for significant decisions to be made in relation to property transactions until the outcome of the ongoing Brexit negotiations have come to fruition.

    "Annual increase for 2018 is resilient at 4.9% however quarterly growth is considerably more moderate, with very little change in overall average price during the last three months of the year. This is consistent with housing markets elsewhere within the UK and would appear to reflect the high levels of political and economic uncertainty both in Northern Ireland and the wider economy," commented Dr Martin Hinch from Ulster University.

    Karly Greene, Head of Research at the Northern Ireland Housing Executive, also commented on the future of the market "All other things being equal, we would expect the relatively affordable and stable housing market conditions of recent years to continue, but the uncertainty about Brexit and what it may mean for the wider economy and consumer confidence in Northern Ireland may well have some impact on the housing market in coming months, depending on what happens at the end of March."

    Source: Ulster University Press Release

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