Menu
02/10/2009
NI House Prices Rising
There's good news today for home owners in Northern Ireland.
New figures show that the Province is now enjoying the biggest upward change in property values of the whole UK, at 9.7%, followed by the South West at 4.9% and the outer Metropolitan region of London at 4.7%.
Overall, house prices rose by 0.9% in September according to Nationwide.
This is the fifth consecutive monthly increase, and is pushing property values up to levels last seen a year ago.
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said: "The recent upward momentum in house prices has continued into September, with the price of a typical house increasing by 0.9% on a seasonally adjusted basis.
"The three month on three month rate of change – generally a smoother indicator of the near term trend – rose from 3.3% in August to 3.8% in September, the highest level since August 2004.
"At £161,816, the average price of a typical UK property was essentially unchanged from a year earlier, representing the first time since March 2008 that the year-on-year rate of change has not been negative.
"Over the first nine months of 2009, the seasonally adjusted index of house prices has risen by 4.1%, though relative to the October 2007 peak it is still down by 13.5%," he said.
Mr Gahbauer continued: "The further increase in house prices is very much consistent with improvements in a broad range of economic and financial indicators over the last few months, all of which suggest that the most intense phase of the recession and financial crisis has probably passed.
"However, given that the housing market still faces considerable headwinds in the form of high unemployment, restrictive credit conditions and an impending withdrawal of the stamp duty holiday, it would be surprising to see house prices continuing to increase at the very strong rate seen in recent months."
(CD/KMcA)
New figures show that the Province is now enjoying the biggest upward change in property values of the whole UK, at 9.7%, followed by the South West at 4.9% and the outer Metropolitan region of London at 4.7%.
Overall, house prices rose by 0.9% in September according to Nationwide.
This is the fifth consecutive monthly increase, and is pushing property values up to levels last seen a year ago.
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said: "The recent upward momentum in house prices has continued into September, with the price of a typical house increasing by 0.9% on a seasonally adjusted basis.
"The three month on three month rate of change – generally a smoother indicator of the near term trend – rose from 3.3% in August to 3.8% in September, the highest level since August 2004.
"At £161,816, the average price of a typical UK property was essentially unchanged from a year earlier, representing the first time since March 2008 that the year-on-year rate of change has not been negative.
"Over the first nine months of 2009, the seasonally adjusted index of house prices has risen by 4.1%, though relative to the October 2007 peak it is still down by 13.5%," he said.
Mr Gahbauer continued: "The further increase in house prices is very much consistent with improvements in a broad range of economic and financial indicators over the last few months, all of which suggest that the most intense phase of the recession and financial crisis has probably passed.
"However, given that the housing market still faces considerable headwinds in the form of high unemployment, restrictive credit conditions and an impending withdrawal of the stamp duty holiday, it would be surprising to see house prices continuing to increase at the very strong rate seen in recent months."
(CD/KMcA)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
27 September 2011
Irish Property Prices 'Down 1.6%'
Ireland's residential property prices have fallen by 1.6% in August, so say figures released by the Central Statistics Office (CSO). The CSO's monthly Residential Property Price Index revealed that overall house prices have fallen by 13.9% in the year to August. This compares with an annual rate of decline of 12.5% in July and a decline of 10.
Irish Property Prices 'Down 1.6%'
Ireland's residential property prices have fallen by 1.6% in August, so say figures released by the Central Statistics Office (CSO). The CSO's monthly Residential Property Price Index revealed that overall house prices have fallen by 13.9% in the year to August. This compares with an annual rate of decline of 12.5% in July and a decline of 10.
07 March 2002
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
07 December 2005
'Strong rise’ in UK consumer confidence
Consumer confidence is on the rise in the UK ahead of Christmas, the Nationwide building society has reported. The Nationwide reported that its Consumer Confidence Index had risen by 9 points in November to 101 – the largest monthly change recorded.
'Strong rise’ in UK consumer confidence
Consumer confidence is on the rise in the UK ahead of Christmas, the Nationwide building society has reported. The Nationwide reported that its Consumer Confidence Index had risen by 9 points in November to 101 – the largest monthly change recorded.
26 June 2002
NI house prices amongst fastest growing in UK
House prices in Northern Ireland have been growing faster than anywhere else in the UK outside London and the Home Counties, according to business advisors PricewaterhouseCoopers (PwC). According to the latest issue of PwC’s ‘UK Economic Outlook’, London house prices rose by 250% since 1995, followed by the southeast of England and East Anglia.
NI house prices amongst fastest growing in UK
House prices in Northern Ireland have been growing faster than anywhere else in the UK outside London and the Home Counties, according to business advisors PricewaterhouseCoopers (PwC). According to the latest issue of PwC’s ‘UK Economic Outlook’, London house prices rose by 250% since 1995, followed by the southeast of England and East Anglia.
30 May 2002
Nationwide reveal further rise in UK house prices
The latest survey from the Nationwide Building Society has revealed that British house prices rose in May to their highest annual rate in 13 years. Overall, house prices rose by 2.1% during the month, taking their annual growth rate to 17.9% - the highest since the boom of the late 1980s.
Nationwide reveal further rise in UK house prices
The latest survey from the Nationwide Building Society has revealed that British house prices rose in May to their highest annual rate in 13 years. Overall, house prices rose by 2.1% during the month, taking their annual growth rate to 17.9% - the highest since the boom of the late 1980s.
-
Northern Ireland WeatherThis Evening and Tonight:Dry with some late sunshine to end the day. Clear spells through the first part of the night but low cloud feeding in from the north later giving some mist or fog patches. Minimum temperature 8 °C.
