Strongest rise in Northern Ireland property prices in 7 years

By Michelle Rock

Property prices in Northern Ireland experienced their strongest increase in 7 years in the 12 month period up to February according to new figures from the Office for National Statistics (ONS).

The ONS data suggests that house prices in the region increased by 14.2 per cent between February 2014 and February 2015 - nearly twice as much as the next best performing region of the UK, which was England with 7.4 per cent. According to the ONS, the average property in Northern Ireland is now worth £152,000.

Estate agents and mortgage advisors in Northern Ireland have widely reported an increase in first time buyer and home mover interest, and say a lack of supply of properties on the market is largely responsible for the strong increase in house values. The 14.2 per cent increase is the biggest since November 2007, but Angela McGowan of Danske Bank suggests that the growth has peaked for this year and that house prices will "rise by just under 6 per cent this year before moving to an average growth rate of around 3 per cent between 2016 and 2020."

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

Alternatively, you can submit your details online and we will call you back at a time of your convenience.