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Average Northern Ireland property price rises to £144,053

The residential property market in Northern Ireland continues to buck the trend of the wider UK market, with house prices increasing by 3.4 per cent over the past year, compared with less than 1 per cent growth across the UK as a whole.

The average property price in Northern Ireland has risen to £144,053 according to figures released by Nationwide Building Society, though it is still the second cheapest region of the whole of the UK for home buyers. The lowest average house price of £127,570 is found in the North East region of England.

The continued, albeit modest growth in house values is a positive sign of the resilience of the Northern Ireland property market, especially in the current climate of Brexit uncertainty, which is widely considered to have brought most of the UK house market to a halt. However, it is important to remember that the current price increases are still very much a part of the slow road to recovery from the steep fall in house values during the 2007-08 property crash.

First time buyers in Northern Ireland should however take confidence from the current stability of the market, as well as the affordability of properties compared to counterparts throughout the rest of the UK.

If you are buying, selling or remortgaging a house in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you contact Wilson Nesbitt in Belfast by clicking here.

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