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03/03/2006
Northern Ireland house prices reach all time high
House prices in Northern Ireland have risen to an all time high according to figures released today from a study at the University of Ulster.
The cost of property in the province has risen by 22%, making the price of the average home approximately £146,000.
The biggest increases were in the prices of apartments, terraced houses and townhouses.
Although the news is good for homeowners, it sets further obstacles in the way of people trying to break into the property market.
One of the authors of the report, Professor Stanley McGreal, said: "The growth in prices means that only a quarter of house sales are now below the £100,000 mark and that raises concerns about the ability of first-time buyers to enter the market."
Bank of Ireland’s Head of Research in Northern Ireland, economist Alan Bridle, added: “The survey shows that the average Northern Ireland family earned more than £500 a week last year just by sitting in their house. It is a remarkable figure when viewed against the average Northern Ireland salary of £20,000 a year.
“The reality is that gains like this are only on paper, but consistent house price inflation on this scale promotes a feel-good factor among consumers.”
Mr Bridle continued by saying that the rate of the increase was ultimately unsustainable but he did not see any sudden crash in the housing market while borrowing remained cheap and the investment market was so strong.
The Housing Executive’s Head of Research, Joe Frey, said: “A rate of increase of more than 20% would seem unsustainable even in the medium term. In the UK as a whole the annual rate of increase in house prices fell fairly steadily between September 2004 and December 2005 to around 3%, before showing signs in January of a slight recovery.
Mr Frey concluded by saying that it is always very difficult to predict exactly when such a change of direction will occur, however, in the case of Northern Ireland, it will probably be sooner rather than later.
(EF/SP)
The cost of property in the province has risen by 22%, making the price of the average home approximately £146,000.
The biggest increases were in the prices of apartments, terraced houses and townhouses.
Although the news is good for homeowners, it sets further obstacles in the way of people trying to break into the property market.
One of the authors of the report, Professor Stanley McGreal, said: "The growth in prices means that only a quarter of house sales are now below the £100,000 mark and that raises concerns about the ability of first-time buyers to enter the market."
Bank of Ireland’s Head of Research in Northern Ireland, economist Alan Bridle, added: “The survey shows that the average Northern Ireland family earned more than £500 a week last year just by sitting in their house. It is a remarkable figure when viewed against the average Northern Ireland salary of £20,000 a year.
“The reality is that gains like this are only on paper, but consistent house price inflation on this scale promotes a feel-good factor among consumers.”
Mr Bridle continued by saying that the rate of the increase was ultimately unsustainable but he did not see any sudden crash in the housing market while borrowing remained cheap and the investment market was so strong.
The Housing Executive’s Head of Research, Joe Frey, said: “A rate of increase of more than 20% would seem unsustainable even in the medium term. In the UK as a whole the annual rate of increase in house prices fell fairly steadily between September 2004 and December 2005 to around 3%, before showing signs in January of a slight recovery.
Mr Frey concluded by saying that it is always very difficult to predict exactly when such a change of direction will occur, however, in the case of Northern Ireland, it will probably be sooner rather than later.
(EF/SP)
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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%".
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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%".
12 February 2013
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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.
06 December 2004
NI housing market ‘holding up’
Northern Ireland’s housing market is holding up and unlike other parts of the UK has yet to experience any reversal, according to the region’s most authoritative survey of house prices. The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
NI housing market ‘holding up’
Northern Ireland’s housing market is holding up and unlike other parts of the UK has yet to experience any reversal, according to the region’s most authoritative survey of house prices. The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
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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.
