NI house prices grow by 6.6% year on year in first quarter

Latest quarterly index, however, suggests sales volumes were hit by poor weather

The volume of transactions in the survey was 1,842 compared with 2,219 in the final quarter of 2017.

The volume of transactions in the survey was 1,842 compared with 2,219 in the final quarter of 2017.

 

House prices in Northern Ireland grew by 6.6 per cent year on year in the first quarter of 2018, while the average price for a residential property was £163,621, the latest quarterly house price index compiled by Ulster University showed.

However, allowing for differences in sample mix by property type, the weighted increase in prices over the year was 4 per cent, indicating real growth in sale price above the rate of inflation.

The survey indicated that sales volumes were, however, lower for the first quarter, reflecting seasonality in the market and the relatively adverse weather conditions that prevailed in the opening months of 2018.

The volume of transactions in the survey was 1,842 compared with 2,219 in the final quarter of 2017.

Prof Stanley McGreal from Ulster University said: “The latest survey of the housing market in Northern Ireland indicates a steady rate of price increase of 4 per cent annually and 3.1 per cent over the last quarter.”

“These rates of growth, above the general level of inflation, can provide confidence to both home-owners and potential purchasers regarding the value of their investments while still maintaining affordability in the local housing market,” he said.