Average house price now £151,758

The Quarterly House Price Index report from Ulster University highlights “sustainable and resilient” annual price growth in Northern Ireland with the level of transactions remaining healthy.

Quarterly growth is more subdued than earlier in 2018, continuing the more passive market conditions observed in the last quarter.

For Antrim/Ballymena the overall average price (£151,758) is up over the year by 3.4 per cent, but this submarket displays little growth over the quarter.

Analysing the performance of the Northern Ireland housing market between October to December 2018, the report reveals an overall average house price of £163,165, up 4.9 per cent over the year. The volume of transactions in the survey is 1,954.

Overall, the analysis by price band is indicative of a relatively stable and still affordable housing market in Northern Ireland, with price spreads relatively unchanged over the quarter.

Lead researcher, Dr Martin Hinch from Ulster University, said: “This latest survey of the condition of the housing market in Northern Ireland indicates a continuation of the more subdued market conditions observed in the last quarter after the high growth levels observed in the first half of the year.

“Annual increase for 2018 is resilient at 4.9 per cent however quarterly growth is considerably more moderate, with very little change in overall average price during the last three months of the year.

“This is consistent with housing markets elsewhere within the UK and would appear to reflect the high levels of political and economic uncertainty both in Northern Ireland and the wider economy.”

Michael Boyd, Deputy Chief Executive and Finance Director, Progressive Building Society, added: “The well documented current political challenges may have impacted vendors’ decision making this quarter, resulting in suppressed sales with seasonality also playing a factor.

“However, with unemployment rates below the UK average and continued affordability, the housing market is in a healthy place.”

Karly Greene, Head of Research at the Northern Ireland Housing Executive, which commissions the research, said: “All other things being equal, we would expect the relatively affordable and stable housing market conditions of recent years to continue, but the uncertainty about Brexit and what it may mean for the wider economy and consumer confidence in Northern Ireland may well have some impact on the housing market in coming months, depending on what happens at the end of March.”