Northern Ireland house prices are some of the highest in the U.K. In fact, according to the Belfast Telegraph, a survey housing prices shows that they grew in the region by 7.4% to an average of £154,012 per home.
The survey, which was created by Nationwide Building Society, has Northern Ireland with the third highest increase for in the U.K., behind only the midlands (7.6% price growth) and north-west England (8.2% price growth).
This means it could be a great time to sell in these regions as their homes grow in value and the local market continues to sizzle.
Where Has House Prices Increased Most in Northern Ireland?
According to the Northern Ireland House Price Index: Quarter 4 2020, (which covers from October through December 2020, and was released 17 February 2021), the house price increases have spread to almost every corner of Northern Ireland.
The Index uses information gathered from Stamp Duty data and thus can be seen as a truer picture of the Northern Ireland house prices, which nonetheless are booming. This can be seen in the 5.4% increase in average house price between Q4 2019 and Q4 2020. The average price per house for all of Northern Ireland is £147,593, and ranges from lows in Armagh City, Banbridge and Craigavon of approximately £129,151 and highs in Lisburn and Castlereagh of £174,148.
If you want to see how much your house could sell for in Northern Ireland, then get in touch with Andrews and Gregg.
According to the Index, the local government districts with the highest price increases in the last 12 months include Newry, Mourne, and Co. Down (8.9%).
Belfast has seen the third largest gains, probably unsurprisingly to most, and has seen prices for its houses shoot up is up 6.5% in the last year.
Ards and North Down (6.1%) are next in terms of average price increase.
Why Are Houses in Northern Ireland Increasing in Value?
There are a variety of reasons that people posit for why the housing market remains so hot for Northern Ireland in 2021.
Some think that it is representative of a homecoming for those that had left the area previously, for example those working in London who can now do the same job working from Northern Ireland.
Others link the increase in housing prices to the still relative affordability of the area, especially when compared to some areas of the U.K.
Still others will claim that housing prices have increased as homeowners are looking to trade in urban dwelling for wide-open country living.
Categories: real estate