The annual rate of house price inflation in Northern Ireland is now 29.1%, the largest increase in the UK, but prices have fallen back by 3.2% over the last quarter, according to the latest regional Halifax House Price Index. The average price of a house in Northern Ireland is £221,004, 11% above the UK average of £198,898.
Newtownards (62%) and Carrickfergus (58%) have seen the fastest rise in house price in Northern Ireland over the past year. The most expensive town in Northern Ireland in the past year was Newtownards (£248,650) followed by Lisburn (£242,873).
Eight of the top ten towns that have seen the biggest house price rises in the UK during the past year are in Northern Ireland. Greater London prices are now 1.5 times higher than those in Northern Ireland, compared with 2.6 times in Q3 2002.
Rory Allen, Area Manager, Halifax Estate Agency, comments: "The Northern Ireland property market is showing definite signs of cooling. Although on an annual basis the average house price in Northern Ireland has increased by 29.1%, in the last three months average prices fell by 3.2%. Again, this is also true at a town level. Although cities like Belfast are still recording double digit growth on an annual basis this is predominantly accounted for by momentum from earlier in the year. The market is now most definitely a buyers' market with supply outstripping demand. Since the five base rate rises in the last 14 months buyers are facing ever increasing affordability constraints. Although the market has cooled during Q3, strong growth earlier in the year means that, on an annual basis, Northern Ireland still has eight of the top ten performing towns in the UK when looking at house price growth. At £221,004, the average house price in Northern Ireland is the third most expensive in the UK behind Greater London (£320,847) and the South East (£265,117)."
