Drop In NI House Prices

House prices in Northern Ireland have dropped, according to a new report.

Research by the Ulster University shows the overall average house price of £146,472 for the first quarter of 2016, lower than might have been expected based on the strong growth during 2015.

Produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society, Ulster University's research points to an easing back of the average house price.

It highlights a 1.4 per cent weighted increase in average house price over the year however a 6.5 per cent weighted decrease over the quarter.


Lead researcher, Professor Stanley McGreal from Ulster University, said: "The research statistics are reflective of mixed feelings by the sector across Northern Ireland with some estate agents attributing the apparent slowing in first quarter simply to a seasonal fluctuation, others attribute it to house buyers' concerns of economic uncertainty.

"When it comes to overall performance by property type, the average price of terraced/townhouses, detached bungalows and apartments have increased over the year. In contrast, semi-detached and detached houses have experienced a slower rate of annual growth. Over the quarter, all property types, with the exception of semi-detached bungalows, have suffered reduced price levels."

Joe Frey, the Housing Executive's Head of Research, commented: "A combination of a higher than expected increase in prices in the previous quarter and uncertainty surrounding the EU referendum probably explain the slight downturn in the market. However, given that transaction levels remain high and there is little sign of a significant affordability issue outside Belfast, the indications are that the market will continue its gradual recovery."

(CD/LM)