House prices have been rising faster in Northern Ireland than anywhere else in the UK and in May 2022 the average price of a house in Northern Ireland was £185,386, an increase of more than £23,500 compared to May 2021 and an uplift of 15.2%. However, even at £185,386, property is still more affordable in Northern Ireland than in total UK where the average house price was £289,099 in May 2022.
According to a different source which is more detailed but just covers the first three months of 2022, house prices have increased on all types of property in Northern Ireland from detached to apartments, and also in every single District of Northern Ireland, with the highest increases seen in Causeway Coast and Glens, and also in Armagh City, Banbridge and Craigavon. The most affordable district is Derry City and Strabane, and the district where house prices are the highest is Lisburn and Castlereagh.
House prices and percentage change over 12 months
| Standardised price Q1 2022 |
Percentage change since Q1 2021 |
|
|---|---|---|
| Derry City and Strabane | £145,741 | 9.40% |
| Armargh City, Banbridge and Craigavon | £146,577 | 14.00% |
| Mid and East Antrim | £151,794 | 11.70% |
| Belfast | £152,603 | 6.80% |
| Fermanagh and Omagh | £153,267 | 13.00% |
| Mid Ulster | £159,605 | 11.80% |
| Antrim and Newtownabbey | £166,678 | 8.60% |
| Newry, Mourne and Down | £176,796 | 13.50% |
| Causeway Coast and Glens | £183,110 | 14.80% |
| Ards and North Down | £187,947 | 9.10% |
| Lisburn and Castlereagh | £189,986 | 7.90% |
| Northern Ireland | £164,590 | 10.40% |
What does this mean for buyers and sellers?
It is certainly a good time to sell then, particularly if you are thinking of down-sizing. It’s also a good time to buy as there are still attractive mortgage deals available, which may or may not last, given the economic headwinds. Whatever your moving plans, Reeds Rains has 7 branches in Northern Ireland and teams of highly knowledgeable local experts who can advise on the value of your property and introduce you to specialist mortgage advisers.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Embrace Financial Services usually charges a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £499 to £999 and this will be discussed and agreed with you at the earliest opportunity.
The Reeds Rains Content Marketing Team
