Menu
07/02/2014
NI House Prices Continue To Increase
House prices in Northern Ireland continue to increase, a new study has found.
At the end of 2013, prices were said to be 'marginally higher' than the beginning of the year.
The findings have been published in the University of Ulster's quarterly house price index. It revealed that in the first quarter of 2013, the average cost of a property was £131,128, but by the end of the year it had reached £132,922.
The figure was based on 1,758 transactions. Incidentally, this is also the highest number of sales recorded since the housing peak in 2007. Predictions for prices, transactions and mortgage volumes also look positive.
Breaking the results down by location, North Down was found to have the highest average house price at £171,829, while Londonderry/Strabane had the lowest at £99,322.
The report is produced in partnership with the Northern Ireland Housing Executive and the Bank of Ireland.
Alan Bridle, Economist at Bank of Ireland UK, said: "The latest survey offers further evidence that 2013 was the year of 'bottoming out'.
"While local markets will inevitably stabilise and recover at different paces, there is a healthy momentum for Northern Ireland as a whole coming into 2014, with the outlook for transactions, average prices and mortgage volumes more favourable than compared to recent years."
The Housing Executive's Head of Research, Joe Frey, added: "Affordability remains a key issue for lenders and policy makers. We hope that the new composite Measure of Affordability developed in partnership with University of Ulster, which takes into account deposits and not just house price to income ratios,will provide a more nuanced insight into the on-going challenges faced by first-time buyers, by lenders and indeed by policy makers attempting to address the challenges of a very complex market."
(JP/CD)
At the end of 2013, prices were said to be 'marginally higher' than the beginning of the year.
The findings have been published in the University of Ulster's quarterly house price index. It revealed that in the first quarter of 2013, the average cost of a property was £131,128, but by the end of the year it had reached £132,922.
The figure was based on 1,758 transactions. Incidentally, this is also the highest number of sales recorded since the housing peak in 2007. Predictions for prices, transactions and mortgage volumes also look positive.
Breaking the results down by location, North Down was found to have the highest average house price at £171,829, while Londonderry/Strabane had the lowest at £99,322.
The report is produced in partnership with the Northern Ireland Housing Executive and the Bank of Ireland.
Alan Bridle, Economist at Bank of Ireland UK, said: "The latest survey offers further evidence that 2013 was the year of 'bottoming out'.
"While local markets will inevitably stabilise and recover at different paces, there is a healthy momentum for Northern Ireland as a whole coming into 2014, with the outlook for transactions, average prices and mortgage volumes more favourable than compared to recent years."
The Housing Executive's Head of Research, Joe Frey, added: "Affordability remains a key issue for lenders and policy makers. We hope that the new composite Measure of Affordability developed in partnership with University of Ulster, which takes into account deposits and not just house price to income ratios,will provide a more nuanced insight into the on-going challenges faced by first-time buyers, by lenders and indeed by policy makers attempting to address the challenges of a very complex market."
(JP/CD)
Related Northern Ireland News Stories
Click here for the latest headlines.
12 February 2013
NI House Prices Continue To Fall
Northern Ireland house prices continue to fall despite an increase in transactions, according to a new report. The survey by the Royal Institute of Chartered Surveyers (RICS) and Ulster Bank revealed the overall pattern of declination was likely to remain for the foreseeable future.
NI House Prices Continue To Fall
Northern Ireland house prices continue to fall despite an increase in transactions, according to a new report. The survey by the Royal Institute of Chartered Surveyers (RICS) and Ulster Bank revealed the overall pattern of declination was likely to remain for the foreseeable future.
22 August 2012
NI House Prices Down By More Than A Tenth
Figures out today from the Northern Ireland Statistics & Research Agency show that house prices have fallen by 11% in the frst six months of this year. Land & Property Services released the Residential Property Price Index report for Quarter 2 of 2012, which is compiled from stamp duty information.
NI House Prices Down By More Than A Tenth
Figures out today from the Northern Ireland Statistics & Research Agency show that house prices have fallen by 11% in the frst six months of this year. Land & Property Services released the Residential Property Price Index report for Quarter 2 of 2012, which is compiled from stamp duty information.
15 September 2011
Unemployment To Blame For Falling House Prices
High unemployment and budget cuts are being blamed for the falling house prices in Northern Ireland, according to a survey by the Royal Institution of Chartered Surveyors. The report by RICS and Ulster Bank also found that transaction volumes remained static in August.
Unemployment To Blame For Falling House Prices
High unemployment and budget cuts are being blamed for the falling house prices in Northern Ireland, according to a survey by the Royal Institution of Chartered Surveyors. The report by RICS and Ulster Bank also found that transaction volumes remained static in August.
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%".
05 December 2006
NI house prices rise dramatically
House prices in Northern Ireland are now rising at more than 32% a year, according to a survey of local residential property sales.
NI house prices rise dramatically
House prices in Northern Ireland are now rising at more than 32% a year, according to a survey of local residential property sales.
-
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.
