Northern Ireland property prices increased by £5k

By Lauren Burns

Property prices in Northern Ireland increased by 5 per cent in the year up to June according to new research by the Northern Ireland Statistics & Research Agency (NISRA).

The research only includes one week of data following the EU referendum vote on 23rd June, and the anecdotal evidence is that the property market has slowed down in terms of transaction levels following the result of the Brexit vote. By the end of June the average property price in Northern Ireland was £123,241, with the usual regional disparity. The North West of the country continues to be the cheapest area to buy a house.

While the overall average increase in Northern Ireland property prices is estimated at £5,000, representing approximately 4 per cent, houses in the greater Belfast area are thought to have increased by over double that.

Separate research by the Department of Finance shows that terraced houses have had the biggest increase in value at an average of 11 per cent, while semi-detached houses at the smallest rise at 6 per cent.

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