First total increase in NI property prices in 6 yrs

By Christine Farrell

For the first time since the second quarter of 2013 all property types in Northern Ireland have experienced a price increase, according to the latest NI Residential Property Price index.

The report shows a 2 per cent increase in Northern Ireland house prices between Q1 and Q2 of this year, with the north experiencing the biggest increases. Houses in Ballymoney, Coleraine, Londonderry, Limavady, Moyle and Strabane rose on average by 6 per cent in Q2.

According to the Northern Ireland Statistics and Research Agency the overall average property price in Northern Ireland now stands at £96,327. Detached houses remain the most valuable, averaging at £153,063, whereas terraced houses are at the lower end at £62,690.

The Property Price index is considered to be the most accurate report on house values as it is based on stamp duty returns submitted by solicitors of property purchasers. The report does however support the message from other recent property reports that house prices in Northern Ireland seem to be stabilising. Only 3 per cent of estate agents surveyed for the most recent Royal Institute of Chartered Surveyors report considered that house prices had dropped - 90 per cent said they had not changed, while 7 per cent reported an increase.

If you are buying, selling or remortgaging a property in Northern Ireland and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.