Good news for sellers, Northern Ireland’s house prices are going up! But don’t worry if you’re buying, prices are still lower than they were before the big crash.
A new report from Ulster University tells us the average house price is now a healthy £211,225. That’s a jump of 2.5% compared to this time last year, and a 2.6% increase from just last quarter!
The last time we saw prices this high was back in 2008, just before things took a tumble.
Experts Predict Prices Will Keep Rising
Ursula McAnulty, the top researcher at the NI Housing Executive, thinks the demand for houses will stay strong for the rest of the year. She believes these steady price rises are here to stay.
Michael Boyd, the Deputy CEO of Progressive Building Society, agrees. He says lower mortgage rates are encouraging more buyers to take the leap, and with fewer houses available, prices are being pushed up even further.
House Prices Vary Across Northern Ireland
Where you live in Northern Ireland makes a big difference to the price tag on your house. Here’s a breakdown of the average prices in each council area:
- Antrim & Newtownabbey: £181,137 (-4.7%)
- Ards & North Down: £248,267 (+2.9%)
- Armagh , Banbridge and Craigavon: £189,842 (+3.5%)
- Belfast: £196,414 (+1.8%)
- Causeway Coast & Glens: £235,379 (+2.5%)
- Derry City & Strabane: £186,968 (+7.4%)
- Fermanagh & Omagh: £203,369 (-3.7%)
- Lisburn & Castlereagh: £237,462 (-5.8%)
- Mid and East Antrim: £192,662 (+6.6%)
- Mid Ulster: £231,912 (-3.4%)
- Newry, Mourne, Down: £225,880 (-4.3%)
House Type Also Impacts Price
It’s no surprise that the type of house you own also affects its value. Here’s what they’re going for on average:
- Terrace/townhouse: £144,138
- Semi-detached: £193,974
- Detached: £314,394
- Apartment: £156,300
So, there you have it. The Northern Ireland property market is definitely one to watch! Whether you’re thinking of selling up or taking that first step on the property ladder, it’s a great time to be in the know.