Menu
26/05/2010
Modest Rise In Average NI House Prices
The average house price in Northern Ireland rose modestly in the first quarter of this year - but any recovery in the market remains tentative - according to a new survey of house prices.
The latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, recorded an annual weighted rate of price growth of 4.9%.
However, the number of transactions reported by the 120 estate agents in the survey fell back to 800 from more than 1,000 in the final quarter of 2009.
The authors of the report - Prof Alastair Adair, Prof Stanley McGreal and David McIlhatton - said: "The latest data highlights the tentative recovery of the housing market, with a weighted rate of price growth over a year of 4.9%.
"However, the findings suggest that recovery is patchy and varies across different property types and areas of Northern Ireland. The pace of growth is likely to be impacted by macroeconomic conditions and the steps that the new government takes to reduce the public deficit."
The authors said the smaller sample size in the first quarter was caused by continuing difficulties in the market, the cold winter and the change in stamp duty, which produced a flurry of sales in the final quarter of last year.
The overall average price of a house in Northern Ireland for the first quarter of this year was £169,497 compared to £161,429 in the final quarter of 2009.
The report uses a weighted index to even out the fluctuations in sample composition and this showed an annual growth rate of 4.9% in the first quarter of this year in stark contrast to an annual decline of 35% recorded in the first quarter of 2009.
The economist Alan Bridle, Head of Economics and Research at Bank of Ireland Northern Ireland, said: "Eastern areas such as Belfast and North Down seem to be seeing some signs of recovery but the picture for Mid Ulster and the west remains particularly challenging.
"The recovery will be patchy and uneven in 2010 and I expect the average house price to remain a little erratic until sales volumes return to more normal levels.
"The market is increasingly influenced by the private rental sector which has grown significantly because investors or owner-occupiers are either unable or unwilling to sell at the new lower price levels, while demand has risen from those who find it harder to obtain a mortgage or who have deferred buying a home in the belief prices will fall further."
The survey confirmed the affordability of housing, with 54% of all properties selling at or below £150,000.
The Housing Executive's Head of Research, Joe Frey commented: "The latest Quarterly Price Index provides further evidence of stabilisation in the housing market.
"However, bearing in mind the wider economic context and the expected reductions in public expenditure it would appear that the road to a more balanced housing market will be challenging."
(NS/BMcC)
The latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, recorded an annual weighted rate of price growth of 4.9%.
However, the number of transactions reported by the 120 estate agents in the survey fell back to 800 from more than 1,000 in the final quarter of 2009.
The authors of the report - Prof Alastair Adair, Prof Stanley McGreal and David McIlhatton - said: "The latest data highlights the tentative recovery of the housing market, with a weighted rate of price growth over a year of 4.9%.
"However, the findings suggest that recovery is patchy and varies across different property types and areas of Northern Ireland. The pace of growth is likely to be impacted by macroeconomic conditions and the steps that the new government takes to reduce the public deficit."
The authors said the smaller sample size in the first quarter was caused by continuing difficulties in the market, the cold winter and the change in stamp duty, which produced a flurry of sales in the final quarter of last year.
The overall average price of a house in Northern Ireland for the first quarter of this year was £169,497 compared to £161,429 in the final quarter of 2009.
The report uses a weighted index to even out the fluctuations in sample composition and this showed an annual growth rate of 4.9% in the first quarter of this year in stark contrast to an annual decline of 35% recorded in the first quarter of 2009.
The economist Alan Bridle, Head of Economics and Research at Bank of Ireland Northern Ireland, said: "Eastern areas such as Belfast and North Down seem to be seeing some signs of recovery but the picture for Mid Ulster and the west remains particularly challenging.
"The recovery will be patchy and uneven in 2010 and I expect the average house price to remain a little erratic until sales volumes return to more normal levels.
"The market is increasingly influenced by the private rental sector which has grown significantly because investors or owner-occupiers are either unable or unwilling to sell at the new lower price levels, while demand has risen from those who find it harder to obtain a mortgage or who have deferred buying a home in the belief prices will fall further."
The survey confirmed the affordability of housing, with 54% of all properties selling at or below £150,000.
The Housing Executive's Head of Research, Joe Frey commented: "The latest Quarterly Price Index provides further evidence of stabilisation in the housing market.
"However, bearing in mind the wider economic context and the expected reductions in public expenditure it would appear that the road to a more balanced housing market will be challenging."
(NS/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
20 February 2013
NI Property Prices Continue To Fall
Residential property prices continue to fall in Northern Ireland. Over the year to the end of December 2012, prices fell by 13%, according to the latest report by the Northern Ireland Statistics and Research Agency (NISRA). The Index measures change in the price of residential property sold in Northern Ireland.
NI Property Prices Continue To Fall
Residential property prices continue to fall in Northern Ireland. Over the year to the end of December 2012, prices fell by 13%, according to the latest report by the Northern Ireland Statistics and Research Agency (NISRA). The Index measures change in the price of residential property sold in Northern Ireland.
17 November 2009
House Market Recovery 'Patchy'
Any recovery in the Northern Ireland housing market is still patchy, according to the latest University of Ulster research. Average house prices have increased by around 2.1% in the third quarter. This brought the average property value to £164,017 compared with £158,886 in the second quarter.
House Market Recovery 'Patchy'
Any recovery in the Northern Ireland housing market is still patchy, according to the latest University of Ulster research. Average house prices have increased by around 2.1% in the third quarter. This brought the average property value to £164,017 compared with £158,886 in the second quarter.
30 April 2014
New Dwelling Starts Drop 35%
The total number of new dwelling starts in Northern Ireland has fallen by 35% over the year, according to the latest Northern Ireland Housing Bulletin.
New Dwelling Starts Drop 35%
The total number of new dwelling starts in Northern Ireland has fallen by 35% over the year, according to the latest Northern Ireland Housing Bulletin.
30 September 2010
House Prices Rising, But Trend Still Down
There has been conflicting evidence on local property prices - which rose 1.6% during the past three months - but was still not enough to offset previous falls. Nationwide said of Northern Ireland "the annual rate of house price falls actually accelerated from 5.2% to 11.1%".
House Prices Rising, But Trend Still Down
There has been conflicting evidence on local property prices - which rose 1.6% during the past three months - but was still not enough to offset previous falls. Nationwide said of Northern Ireland "the annual rate of house price falls actually accelerated from 5.2% to 11.1%".
27 February 2012
NI Sees Increase In House Purchase Loans
Northern Ireland was the only area of the UK to experience an increase in house purchase loans in the final quarter of 2011, according to new figures released today from the Council of Mortgage Lenders (CML) in Northern Ireland. The 2,500 house purchase loans, worth £240 million, increased 4% by number and value from the third quarter of the year.
NI Sees Increase In House Purchase Loans
Northern Ireland was the only area of the UK to experience an increase in house purchase loans in the final quarter of 2011, according to new figures released today from the Council of Mortgage Lenders (CML) in Northern Ireland. The 2,500 house purchase loans, worth £240 million, increased 4% by number and value from the third quarter of the year.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
