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    Home»Retail»NI house prices 9% higher than same period last year
    Retail

    NI house prices 9% higher than same period last year

    MarinBy MarinAugust 18, 2021No Comments2 Mins Read
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    House prices in Northern Ireland from March to June were 9% higher than the same time last year, according to official figures.

    It is the biggest annual rise since 2007 and the biggest quarterly increase since 2016.

    The housing market was effectively paused between March and June 2020 because of lockdown, which caused a build up of demand.

    The average price for a house in Northern Ireland is £153,449.

    It ranges from £134,091 in Armagh City, Banbridge and Craigavon to £180,067 in Lisburn and Castlereagh.

    Causeway Coast and Glens was the area which saw the biggest annual rise in prices, up almost 17%.

    Between March and June this year, 7,187 residential properties were sold, according to the latest from Northern Ireland Statistics and Research Agency.

    House prices in NI rise by 6% in a year
    House prices in NI keep rising despite pandemic
    Buyers slip on property ladder as deposits rise

    Judith Gilchrist, a director with an estate agency, said the last quarter had been “manic”.

    “A semi-detached house in Bangor that went on the market this week got an offer £10,000 above the asking price overnight – and 16 viewers were already lined up, she said.

    “We’ve had a frantic past three months. Every time you put a house on there could be 20 viewers immediately and, all of a sudden, out of those 20 there’s about five bidders.

    She said the pandemic had given some buyers more disposable income, driving up demand and prices.

    “People have been saving up, not going on holiday and have been bored of their own four walls so upgrading is probably the best option.

    She added: “People who normally have roots in Northern Ireland are coming back to be with their family.”

    Coronavirus pandemic House Housing market NI economy
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