Keeping you up to date with the latest news and opinions from the NI property market

Northern Ireland house prices rise to £131,989 average

9th Jan 2018

The average house price in Northern Ireland rose by 2% last year to £131,989.

The province is still one of the cheapest places to purchase a property in the UK.

According to Nationwide Building Society, property prices in the UK ended 2017 2.6% higher. For the first time in 13 years, London was the weakest-performing region.

In December 2017, the average price in the UK was £211,156, a 0.6% month-on-month rise and contributed to the 2.6% yearly uplift.

The last quarter seen prices fall in Northern Ireland by 0.1%.

North east of England seen a 0.2% annual growth to £124,535.

The yearly rise was the slowest for any calendar year since 2012. It compares with a 4.5% increase in 2016.

For the first year since 2008, property prices in the Midlands and northern England combined increased at a quicker rate than in southern England, Nationwide highlighted, with a 3.6% year-on-year increase compared with 1.6%.

London seen prices decrease 0.5% annually, the average now £470,922.

The strongest performer was the West Midlands which seen prices up by 5.2% for 2017. The South West followed at 4.8%.

Wales seen an increase of 3.3% while Scotland witnessed an increase of 2.6%.

Nationwide’s chief economist, Robert Gardner, highlighted that 2017 “saw the beginnings of a shift” as rates of price growth in the South of England moderated towards those in the rest of the country.

Mr Gardner said: "London saw a particularly marked slowdown, with prices falling in annual terms for the first time in eight years, albeit by a modest 0.5%.

"London ended the year the weakest-performing region for the first time since 2004."

Mr Gardner highlights that a 20% deposit in London may now equate to over £80,000, based on the average first-time buyer price.

This is around a £30,000 increase than a decade ago.

In other regions, such as the northern England and the Midlands, the deposit requirements are comparable to 2007, Mr Gardner added.

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