Menu
06/12/2004
NI housing market ‘holding up’
Northern Ireland’s housing market is holding up and unlike other parts of the UK has yet to experience any reversal, according to the region’s most authoritative survey of house prices.
The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
The survey for the quarter from July to September showed that the overall average price of residential property reached a new high of £114,150, a modest increase over the third quarter.
In the previous quarter the annual increase in price was 10.55%, reaching double digits for the first time since 2002. The latest survey shows that the annual rate of growth slowed only slightly.
The authors of the House Price Index - Professor Alastair Adair, Professor Stanley McGreal and Suzanne Allen of the University of Ulster – said: “With an annual rate of increase just below 10%, the market in Northern Ireland does not appear to be suffering any reversal in average price as a result of higher mortgage rates – contrary to some recent surveys of the wider UK market.
“However, we believe the effect of higher rates may become more apparent in future quarters.”
Bank of Ireland’s Head of Research in Northern Ireland, economist Alan Bridle, said: “Overall performance is closely aligned to the buoyancy of the terraced and semi-detached segments which account for 60% of the sample in this survey, and it is here that the ‘critical mass’ of transactions remains around the £100,000 mark.
“Even allowing for mortgage rate rises, the affordability of debt servicing in Northern Ireland remains good for those already on the housing ladder. But there is evidence to suggest that first time buyers are finding it increasingly difficult to raise the deposit needed to get into the market.”
The survey showed considerable variation in house prices across the different regions of Northern Ireland but for most areas the picture is still one of growth.
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, has risen significantly to a new high of 437.32.
(MB)
The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
The survey for the quarter from July to September showed that the overall average price of residential property reached a new high of £114,150, a modest increase over the third quarter.
In the previous quarter the annual increase in price was 10.55%, reaching double digits for the first time since 2002. The latest survey shows that the annual rate of growth slowed only slightly.
The authors of the House Price Index - Professor Alastair Adair, Professor Stanley McGreal and Suzanne Allen of the University of Ulster – said: “With an annual rate of increase just below 10%, the market in Northern Ireland does not appear to be suffering any reversal in average price as a result of higher mortgage rates – contrary to some recent surveys of the wider UK market.
“However, we believe the effect of higher rates may become more apparent in future quarters.”
Bank of Ireland’s Head of Research in Northern Ireland, economist Alan Bridle, said: “Overall performance is closely aligned to the buoyancy of the terraced and semi-detached segments which account for 60% of the sample in this survey, and it is here that the ‘critical mass’ of transactions remains around the £100,000 mark.
“Even allowing for mortgage rate rises, the affordability of debt servicing in Northern Ireland remains good for those already on the housing ladder. But there is evidence to suggest that first time buyers are finding it increasingly difficult to raise the deposit needed to get into the market.”
The survey showed considerable variation in house prices across the different regions of Northern Ireland but for most areas the picture is still one of growth.
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, has risen significantly to a new high of 437.32.
(MB)
Related Northern Ireland News Stories
Click here for the latest headlines.
12 February 2013
NI House Prices Continue To Fall
Northern Ireland house prices continue to fall despite an increase in transactions, according to a new report. The survey by the Royal Institute of Chartered Surveyers (RICS) and Ulster Bank revealed the overall pattern of declination was likely to remain for the foreseeable future.
NI House Prices Continue To Fall
Northern Ireland house prices continue to fall despite an increase in transactions, according to a new report. The survey by the Royal Institute of Chartered Surveyers (RICS) and Ulster Bank revealed the overall pattern of declination was likely to remain for the foreseeable future.
22 August 2012
NI House Prices Down By More Than A Tenth
Figures out today from the Northern Ireland Statistics & Research Agency show that house prices have fallen by 11% in the frst six months of this year. Land & Property Services released the Residential Property Price Index report for Quarter 2 of 2012, which is compiled from stamp duty information.
NI House Prices Down By More Than A Tenth
Figures out today from the Northern Ireland Statistics & Research Agency show that house prices have fallen by 11% in the frst six months of this year. Land & Property Services released the Residential Property Price Index report for Quarter 2 of 2012, which is compiled from stamp duty information.
09 November 2017
NI House Prices Continue To Rise
NI house prices continued to rise in October, according to the latest market survey. Northern Ireland surveyors are also positive about the prospects for house prices over the next 12-months, the RICS and Ulster Bank Residential Market Survey suggests. However, surveyors continue to report that a lack of housing stock is a challenge for the market.
NI House Prices Continue To Rise
NI house prices continued to rise in October, according to the latest market survey. Northern Ireland surveyors are also positive about the prospects for house prices over the next 12-months, the RICS and Ulster Bank Residential Market Survey suggests. However, surveyors continue to report that a lack of housing stock is a challenge for the market.
30 June 2010
Further Fall For NI House Prices
House prices continue to fall in Northern Ireland, a new survey has revealed. Figures released by the Nationwide building society indicate that the housing market in NI is the weakest of any in the UK. Prices have dropped by 5.7% during the second quarter of 2010, compared to a 1% drop in the first three months, the report found.
Further Fall For NI House Prices
House prices continue to fall in Northern Ireland, a new survey has revealed. Figures released by the Nationwide building society indicate that the housing market in NI is the weakest of any in the UK. Prices have dropped by 5.7% during the second quarter of 2010, compared to a 1% drop in the first three months, the report found.
01 June 2007
NI house prices continue to rise
The average house price in Northern Ireland has risen to over £215,000 according to a new survey. The study by the University of Ulster, Northern Ireland Housing Executive and Bank of Ireland said the average price of a house in Northern Ireland is more expensive than Scotland, Wales and the whole north of England.
NI house prices continue to rise
The average house price in Northern Ireland has risen to over £215,000 according to a new survey. The study by the University of Ulster, Northern Ireland Housing Executive and Bank of Ireland said the average price of a house in Northern Ireland is more expensive than Scotland, Wales and the whole north of England.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
