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Northern Ireland property price increase higher than rest of UK

House prices increased in Northern Ireland at a higher rate than any other region of the UK in 2018, according to the latest figures in the NI Residential Property Price Index.

The average residential property price in Northern Ireland increased by £3,000 to £136,669 by the end of 2018, with values across the region increasing by 5.5 per cent over the year. The UK average house price is £230,776, which perhaps puts the 5.5 per cent increase into context. The extent of the decline in property values in Northern Ireland during the property crash means that prices have had to come back from much lower than regions in the rest of the UK. And while there has been a steady increase in property prices in recent years, the rate of growth has been fairly modest.

However, property owners will take great comfort that the 5.5 per cent increase compared to a UK average of 2.5 per cent, which has been the lowest annual rate in nearly 6 years. The extent of the price increases varied considerably between the different council districts in Northern Ireland, with a 1.6 per cent in Mid and East Antrim compared to 7.7 per cent in Belfast. The lowest average house price of £120,699 was in Armagh, with the highest being £160,834 in Lisburn and Castlereagh.

If you are buying a house in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you, contact us for information and advice by clicking here.

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