“Mixed Picture” for Northern Ireland House Sales MarketOctober 12, 2017
A Report recently compiled by Ulster University in partnership with Northern Ireland Housing Executive and Progressive Building Society has found that house sales in Northern Ireland during the 3 month period from April to June 2017 were at the highest level recorded since the 2007 property crash.
The average purchase price however is slightly down, falling by 1.1% over the quarter. This suggests a mixed picture in the property market which could be influenced by a range of factors including political uncertainty over Brexit and the current stalemate at Stormont.
According to the Report, the average house price now stands at £148,500.00. This figure has fallen by 3.7% over the past year and 1.1% over the quarter. However there were 2,372 house sales recorded between April and June meaning that the quarter saw the highest rate of property transactions in a decade.
Professor Stanley McGreal, the Report’s leading Researcher quoted that “this latest Survey has mixed messages regarding the health of the Northern Ireland Housing market, however transaction levels are high suggesting a strong market for the second quarter of 2017”. Progressive Building Society Deputy Chief Executive Michael Boyd has said that “there is no doubt that wider economic and political factors are having an impact including the uncertainty following triggering of Article 50, wage growth lagging behind inflation and the potential for the rise in interest rates” however he added that there was still confidence in the Northern Ireland Housing market given that Northern Ireland still remains one of the most affordable regions in the UK.
This article has been produced for general information purposes and further advice should be sought from a professional advisor. For further advice on purchasing a property, please contact our Residential Property Team.
Bronagh Gunn, Associate Solicitor, Residential Property Team, Cleaver Fulton Rankin, Solicitors.