Posted on Thursday 20 August 2015 by Ulster Business

House price regain 2005 lustre

Ten years on, house prices in Northern Ireland have managed to recover their composure and have brushed off the worst effects of the financial crisis, according to latest government data.

The average price of a house here stood at £113,245 in the second quarter of the year, up 6% on the first quarter of the year and, more importantly, slightly higher than the level reached in the first quarter of 2005.

The data comes from Land & Property Services and uses stamp duty information recorded by Her Majesty’s Revenue & Customs so tends to provide one of the most accurate means of taking the temperature of the housing market.

In total, 4,600 residential properties were sold in the second quarter of the year.

While there is little doubt the market has recovered, there remains a patchwork with regional average prices ranging from £93,806 in Derry and Strabane to £135,988 in North Down and Ards.

In terms of recent performance, the Derry and Strabane area has performed relatively strongly with prices there up 7% on the year, a similar performance to the Armagh, Banbridge and Craigavon region and just behind the top performing region over the year Mid Ulster which climbed 10%.

Trailing the leaderboard was Fermanagh and Omagh where prices only climbed 1% between the second quarter of 2015 and the second quarter of 2014 while Lisburn and Castlereagh as well as Mid and East Antrim are up 4%.

 

Average residential property prices in Q2 2015 vs Q2 2014

Antrim and Newtownabbey – up 6% at £117,599

Armagh, Banbridge and Craigavon – up 7% at £98,814

Belfast - up 6% at £107,442

Causeway Coast and Glens – up 5% at £113,679

Derry and Strabane - up 7% at £93,806

Fermanagh and Omagh - up 1% at £100,422

Lisburn and Castlereagh - 4% at £135,977

Mid and East Antrim - up 4% at £107,325

Mid Ulster - up 10% at £114,132

Newry, Mourne and Down – up 5% at £115,833

North Down and Ards - up 5% at £135,988

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