27/06/2019

Average NI House Price Stands At £162k

House prices in Northern Ireland are said to be growing steadily with the average home now selling for around £162,914- a modest annual increase of 1.2%.

The latest Quarterly House Price Index from Ulster University said growth rates have remained relatively muted over the last three quarters.

The average price of £162,914 is virtually unchanged when compared to the previous quarter but marginally higher than during the period of January-March in 2018.

Estate agent market observations this quarter have been dominated by the ongoing Brexit paralysis and the accompanying uncertainty, the report found. There remains a perception that vendors, purchasers and investors are perhaps more reluctant to commit to a sale or purchase, and that the sales process is perceptibly more fragile.

Agents across the region have also observed that the market is still considerably first-time-buyer focused, although it was also commented that the 'bank of mum and dad' is still very much in evidence amongst this cohort.
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Lead researcher, Dr Martin Hinch from Ulster University said: "The first quarter of 2019 indicates continuation of the more muted market behaviour observed towards the end of 2018. Whilst political and economic uncertainties within Northern Ireland and on the wider UK level appear to be causing a degree of hesitance among vendors and purchasers, the market dynamics remain positive and reflect a resilient housing market."

Commenting on the report Michael Boyd, Deputy Chief Executive and Finance Director, Progressive Building Society said: "While quarterly growth continues to be subdued, economic conditions in Northern Ireland support the outlook of an affordable housing market. Average house prices throughout the first quarter of 2019 saw a modest annual increase of 1.2% however there is no doubt that the duration of political inactivity will start to influence the buoyancy of the market over the coming months."

Karly Greene, Head of Research at the Northern Ireland Housing Executive, which commissions the research, added: "The latest quarterly findings and our wider analysis indicate that Northern Ireland's housing market remains in a position of relative stability. Trends in the wider economy are still the main influence on the market and, although the signals are mixed, our view is that – all other things being equal – there is reason to be cautiously optimistic about the outlook for the local housing market during the remainder of 2019."



(JG/CM)

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