Northern Ireland property prices fell in first quarter of 2016

By Lauren Burns

Property prices in Northern Ireland fell by 1 per cent in the first quarter of 2016 according to figures released by the Northern Ireland Statistics and Research Agency (NISRA).

While the figures show a 1 per cent fall compared to the last quarter of 2015, property prices are still up 5.9 per cent compared to the first quarter of 2015. The average house price in Northern Ireland is now £117,500 according to the report.

It is the first time there has been a fall in house prices in the province since 2013. A report from the Royal Institution of Chartered Surveyors (RICS) released last week suggested that demand from house buyers was cooling, but that prices were rising. RICS has previously predicted that house prices in Northern Ireland will rise by around 5 per cent in 2016.

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