Northern Ireland property prices increased in Q4 2019
December 2019 was the first month in two years that property prices increased across all regions of the UK, as first time buyers and home movers seemingly took comfort from a more settled economic outlook and a Conservative party election victory. House prices in Northern Ireland increased by 2.5% in Q4 of 2019 compared to the same quarter in 2018, with the biggest increase of 5.3 per cent being recorded in the Derry City and Strabane council area.
The House Price Index uses Stamp Duty information recorded by HMRC on residential property transactions. It provisionally shows that there were 6,021 property sales in Northern Ireland in Q4, though those figure will increase slightly due to late returns and to account for new properties being entered into the NI Valuation list.
The recovery of property prices in Northern Ireland since the market crash in 2008 has been slow but steady. Small increases only began in earnest in 2013, but it is a sign of the recent strength of the market that prices have increased by 26.4 per cent since Q1 of 2015.
If you are buying or selling a house in Northern Ireland and require a residential conveyancing solicitor to handle the legal process for you, contact our property team at Wilson Nesbitt by clicking here.