Average house price in Northern Ireland continues to increase

By Lauren Burns

The average house price in Northern Ireland increased by 5.5 per cent to £136,669 in the last quarter of 2018 compared to the same period in 2017 according to the latest Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank.

There were regional variations with Belfast recording the highest increase at 7.7 per cent over the year, and Mid and East Antrim being the only council district to see a decrease in property values, falling by 2.2 per cent compared to the same quarter in 2017.

The Northern Ireland property market is performing stronger than the other regions of the UK, but surveyors do expect price increases and transaction levels to slow down in the coming three months as the Brexit outcome remains unclear. First time buyers are expected to remain active in the market, and sales of new build houses in particular are expected to remain strong. Home movers are more likely to be hesitant to make a move until there is some certainty around Brexit.

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