NI property activity up at lower end of market

The latest University of Ulster Quarterly House Price Index reveals that 69 per cent of property purchases in Northern Ireland involved houses costing £150,000 or less in the last quarter of 2012 - and 38% were sold for £100,000 or less.

The Northern Ireland property market is very much being kept alive by activity at the lower end of the housing scale, and the average price paid by home buyers in the last three months of 2012 was £138,969. The report, produced in partnership with the Northern Ireland Housing Executive and the Bank of Ireland, agrees with other statistics produced over the past weeks saying property transactions in Northern Ireland are up, and that house prices are slightly down.

Regional and house-type variations continue, with property prices strongest in detached houses and apartments, while semi-detached bungalows, semi-detached houses, and terraced houses experienced the larger decline in values. House prices average highest in South Belfast (£185,137), and lowest in Derry/Strabane (£86,986).

UK Economist at Bank of Ireland UK, Alan Bridle, said properties in some regions of Northern Ireland are yet to complete their market adjustment, explaining the variation in performance of house prices across the different parts of the country.

If you are buying, selling or remortgaging a house in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.