North’s house prices rose 5% in fourth quarter

The average price of a house in Northern Ireland rose to £158,285 (€178,000) during the final quarter of 2017, according to new research.

Ulster University’s latest Quarterly House Price Index, released on Tuesday, suggests that house prices rose towards the end of last year by 5 per cent relative to the final quarter of 2016 – reflecting a “sustainable level of transactions”.

Its latest analysis of property sales during October, November and December 2017 highlighted that the most popular purchases in the North were semi-detached houses, which fetched an average £148,572, followed by terrace or townhouses which changed hands for an average £100,947 during quarter four.

Houses in Belfast continued to command the top prices, with the average for a home in the city rising to £163,306.

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Overall, Ulster University's latest house price index, which is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society, shows that the percentage of properties sold at or below £150,000 dropped to 58 per cent of all transactions.

Lead researcher Prof Stanley McGreal from Ulster University said the perception among estate agents in the North was that 2017 had “largely been a good year” for the local housing market because price levels had been sustained and the rate of sales had been reasonable.

“However, looking at the market with a medium-term perspective, there is still considerable uncertainty as to what impact, if any, Brexit will bring.”