Northern Ireland House Prices Experience Over 6% Annual Growth

Official data indicates that residential property values in Northern Ireland experienced a 6.2% increase over the twelve months concluding in September. The average cost of a home across Northern Ireland stands at £190,553, though regional differences exist. Among the council areas, Armagh City, Banbridge and Craigavon recorded the lowest average house price at £169,407. Conversely, Lisburn and Castlereagh reported the highest average price, reaching £222,496. During the 12-month period ending in September, property values saw an ascent in every council area. Mid Ulster experienced the most modest rise at 4%, whereas Ards and North Down observed the most significant increase, at 8.6%. Furthermore, all categories of property types registered price growth in the year concluding September. Terraced properties showed the most substantial appreciation, climbing by 7.4%, while apartments saw the least growth, with prices rising by 2.4%. Between July and September, a total of 5,973 residential units were transacted. The Northern Ireland Statistics and Research Agency (Nisra) indicated that this figure is expected to be adjusted upward as additional sales are reported to His Majesty’s Revenue and Customs (HMRC). This trend coincides with data from the property website PropertyPal, which reported a 16% rise in interest in Northern Ireland’s housing market last month compared to the prior year. PropertyPal stated that this marks the busiest October recorded since 2019. However, Jordan Buchanan, chief executive of PropertyPal, highlighted that the trajectory of interest rates continues to be a significant factor of uncertainty for the market in the forthcoming year. He stated: “While the Bank of England recently reduced the base rate, this was already largely reflected in lenders’ mortgage rates. Since the UK Budget, mortgage rates have edged upward, signalling expectations that the path of interest rates for 2025 could be slightly higher than previously anticipated.”