Difficult first quarter for Northern Ireland property prices
While property prices in Northern Ireland rose at an annual rate of 3.5 per cent in the first quarter of 2019, they were actually down compared to the prevous quarter – Q4 2018.
It is the first quarterly decline in property prices in two years, with house values dropping by 1 per cent. There were 4,000 property sale transactions in the first three months of the year, with activity particulary strong among first time buyers purchasing new build properties.
Property prices are back down to a value last recorded in 2010 with the average house price in Northern Ireland now at £134,811. The most recent RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Residential Market Survey showed that industry professionals expect prices to fall further in the second quarter of the year, with sale transaction levels also expected to decline. The long-term outlook for the Northern Ireland property market does however remain positive.
There were differences across the regions and various house types, with property prices in Causeway Coast and Glens increasing by 2.3 per cent in the first quarter, while on the other side of the scale property prices declined by 2.5 per cent in Mid Ulster. Apartments were the only house type not to fluctuate in price, remaining unchanged from the previous quarter.
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