Northern Ireland house prices up 3.6% year-on-year – PropertyPal
The average house price increased by 3.6% year-on-year to £244,467.
Northern Ireland house prices rose at the fastest rate in the UK despite a fall in market activity, according to the latest market snapshot for August from PropertyPal.
The average house price increased by 3.6% year-on-year to £244,467.
Average UK prices fell by 0.4% over the same period.
Around 2,150 properties were agreed for sale during August, down 7% from 2,300 a year earlier.
Sales enquiries fell by 5.6%, while rental enquiries dropped by 3%.
The average monthly rent stood at £1,023.
Jordan Buchanan, chief executive of PropertyPal, said: “Northern Ireland house prices continue to grow at the fastest rate across the UK, up 3.6% over the last year.
“This compares to average UK prices falling by 0.4%, according to the latest data from Lloyds. There were approximately 2,150 properties agreed for sale during August, down 7% on last year’s 2,300, with wider data points showing some cooling in market activity.
“The UK housing market has faced a challenging summer, with global events impacting inflation and interest rate expectations, weighing on consumer confidence.”
Buchanan added: “Even so, it’s taking buyers exactly as long to agree a sale as it did a year ago, which suggests underlying demand remains healthy.
“That said, the outlook remains highly uncertain, with persistent inflation pressures and mortgage rates increasing.
“Financial markets are no longer pricing in rate cuts, and are now leaning towards the Bank of England raising interest rates before the end of the year.”
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