The average price of a home in the north increased by 2.8% in the third quarter of 2024, official figures reveal.
The Northern Ireland House Price Index, which is seen as the most accurate barometer of the region’s residential property market, shows that the average price for a house stands at £190,553, which is 6.2% higher than at the same point in 2023.
By council area, the most expensive homes are in Lisburn and Castlereagh (average price £222,496), while at the other end of the scale the most affordable properties are in Armagh City, Banbridge and Craigavon (average £169,407).
The latest housing market data, compiled by Land & Property Services (LPS) and the north’s official statistics body Nisra, is based on sales recorded by HMRC during the quarter, and the regional House Price Index is now 71.8% higher than in the first quarter of 2015.
During the July-September quarter, some 5,973 residential properties were sold in the north.
In the UK as a whole, annual house price growth accelerated to 2.9% in September, and the average property value is £292,000, the Office for National Statistics (ONS) said.
Average house prices increased in England to £309,000 (a 2.5% annual increase), in Wales to £217,000 (0.4%), and in Scotland to £198,000 (5.7%), in the 12 months to September.
The ONS figures also showed that average UK private rents increased by 8.7% in the 12 months to October. This was up from 8.4% annual price growth in September, but below a record high of 9.2% in March.
Average house price and annual change by local council area:
- Antrim and Newtownabbey - £196,678 (up 6.1%)
- Ards and North Down - £215,948 (up 8.6%)
- Armagh City, Banbridge and Craigavon - £169,407 (up 4.4%)
- Belfast - £177,366 (up 6.8%)
- Causeway Coast and Glens - £212,379 (up 8.4%)
- Derry City and Strabane - £169,866 (up 4.1%)
- Fermanagh and Omagh - £174,113 (up 7.8%)
- Lisburn and Castlereagh - £222,496 (up 6.8%)
- Mid and East Antrim - £174,048 (up 5.4%)
- Mid Ulster - £180,517 (up 4.0%)
- Newry, Mourne and Down - £201,305 (up 4.2%)
Meanwhile overall interest in the north’s housing market was the strongest during October in five years, the latest monthly report from PropertyPal suggests.
Traffic to the portal was up 16% year-on-year in October to 134,000 visits a day, making it the busiest October since 2019. And sales enquiries rose 14%, with properties listed for sale reaching sale agreed four days faster than in October 2023. For new builds homes, the average price is now £246,000, showing a year-on-year growth of 4.2%.
Jordan Buchanan, chief executive at PropertyPal, said: “Last month saw significant growth in the residential sales market, with strong performance across all key metrics. Over the past year, our searches have risen by 16%, enquiries to estate agents by 14%, and most notably, newly agreed sales by an impressive 22%. This activity has contributed to upward pressure on prices, with the average house price now 6% higher than a year ago.
“Looking ahead, the path of interest rates remains a key source of uncertainty for the market in the coming year.
“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.”
