The latest data from the Northern Ireland Quarterly House Price Index (NIQHPIR), released by Ulster University, indicates sustained growth in Northern Ireland’s housing market, with house prices reaching an average of £219,110 in Q3 2024—up 3.4% from the previous quarter and 5.7% year-on-year. Strong demand from buyers, especially for high-value homes, continues to support rising prices despite a low supply of properties.
Transaction activity has been robust, with 65% of agents reporting higher sales completions compared to the previous quarter. Homes over £300,000 saw a notable increase in sales, while lower-value homes under £150,000 represented a shrinking share of transactions, highlighting affordability challenges for first-time buyers and those on lower incomes.
Dr Michael McCord, lead researcher from Ulster University, noted the potential impact of new budget measures on the housing market. “The housing market continues to see strong demand and price growth as it navigates its way through the changing political and economic landscape,” he said. “However, the latest budgetary announcements will invariably impact market activity. Rising bond yields and market reaction to the government’s fiscal approach could halt any anticipated interest rate cuts and may even lead to increased mortgage rates.”
Ursula McAnulty, head of research at the Housing Executive, which commissions the NIQHPIR, acknowledged continued demand but flagged possible headwinds. “House prices saw a 5.7% annual increase, with increased buyer interest and market activity over the quarter. This momentum may, however, be tempered by impending fiscal changes, affecting market activity for the remainder of 2024. Nevertheless, with 85% of agents expecting prices to remain stable or increase, limited housing supply remains a key price support.”
Michael Boyd, chief executive of Progressive Building Society, said confidence in the housing market remains high but warned of potential pressures. “With buyers gaining confidence from a more favourable borrowing environment and positive economic outlook, it is unsurprising that prices continued their upward trajectory in Q3 2024. However, much will depend on the interest rate environment following what can be described as a landmark budget by the Westminster government.”
