Posted on Wednesday 26 November 2014 by Ulster Business

Housing market recovery takes hold as prices climb 5

House prices in Northern Ireland climbed 5.2% over the last year, cementing the turnaround for the sector and reflecting growth in the economy, according to the latest Quarterly House Price Index from the University of Ulster and Bank of Ireland.

It pegged the average house price at £141,173 at the end of the third quarter of 2014 and said that the number of houses changing hands has also increased.

The Coleraine/Limavady/North Coast and East Antrim areas saw the biggest price increase, climbing 22.3% and 21.6% respectively while north Down climbed 17% and Lisburn by 7.2%

Overall the Belfast market was up 9% at £154,326.

Looking ahead, economist Alan Bridle, from Bank of Ireland who helped compile the report, said that while the market is looking robust but there are a number of headwinds which could temper growth.

“While recent market trends are likely to continue into 2015, it would not be a surprise if economic and political uncertainties at both a UK and regional level have some impact on the general housing climate,” he said. “The UK is entering a period of heightened political and constitutional upheaval post the Scottish referendum outcome with financial markets and growth prospects sensitive to perceptions of growing political risk.”

Average price by region:

Belfast  £154,326

North Down £182,164

Lisburn £185,777

East Antrim £128,695

L’derry/Strabane £112,197

Antrim/Ballymena £117,415

Coleraine/Limavady/North Coast £140,562

Enniskillen/Fermanagh/South Tyrone £128,717

Mid Ulster £112,593

Mid and South Down £130,817

Craigavon/Armagh £100,566

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