Northern Ireland property market 'resilient and stable'

By Lauren Burns

Northern Ireland property prices increased by a modest 0.7 per cent in the last quarter of 2016, but over the year the market is considered to have shown signs of stability, in spite of some major blows such as the Brexit vote and stamp duty changes.

The third quarter of 2016 had seen property prices in Northern Ireland increase by 2.4 per cent, and by the end of the year the average property price stood at £129,385, according to Nationwide Building Society. Property prices across the UK increased on average  by 4.5 per cent in 2016, prompting Rob Weaver of Property Partner to describe the market as "resilient and .. stable, particularly when compared to other investments."

There is as great deal of uncertainty as to how the market will perform in the early months of 2017, and in particular whether the subdued growth in property values in Northern Ireland will continue into the New Year or more areas will start to see house prices fall. Property prices in Bangor were among the weakest performing in the whole of the UK last year, ending 2016 with a decline of 1.7 per cent. The average house price in the popular Northern Ireland seaside town now costs £154,613 according to a report from Halifax.

If you require a property conveyancing solicitor to act for you in the purchase or sale of a house in Northern Ireland, contact Wilson Nesbitt in Bangor or Belfast by clicking here.