The average house price in Northern Ireland has gone up by nearly 7% over the last year to £189,853 —   the highest since 2008, according to a report today.

The Ulster University quarterly house price index report said the market was showing sustained demand and steady price increases, despite the pandemic.

And compared to the final quarter of 2020, prices were up 2.99% during the first quarter. Year on year, there had been growth of 6.9%.

The report is produced by the university in partnership with the NI Housing Executive and Progressive Building So ciety.

It said the average house price of £189,853 was the highest since autumn 2008, one year after the market had peaked but some years before it had bottomed out.

Ulster University said the market had been buoyed up by the protection of jobs provided by the government furlough scheme, while demand had also been stimulated by the stamp duty holiday.

But the introduction of a government guarantee for 95% mortgages, as well as increased savings as a result of a lack of spending opportunities in lockdown, had also boosted the market.

Dr Michael McCord, lead researcher and reader in real estate at Ulster University, said: “The impact of the Covid-19 pandemic on the housing market has resulted in some notable trends, particularly in terms of market psychology as buyers and sellers alike have evaluated their housing options and lifestyle choices.

“The final quarter of 2020 demonstrated heightened levels of market transactions, particularly for what was always seen traditionally as a quieter period of the year.

“This trend remains for the first quarter of 2021, with market activity and competition amongst buyers high and increasing and showing no obvious signs of diminishing moving into the second quarter.”

Elma Newberry of the Housing Executive said relocations by existing owners seemed to be driving demand.

But she said the position would be more challenging for younger households and prospective first time buyers whose finances had been hit over the last year.

 

 

 

 

Article sourced from Belfast Telegraph on 11th May 2021. Original full article can be viewed by clicking link below

Full Article
(Link above opens in seperate window)

Mc Daid Mortgages do not accept responsibility for any advice provided or opinions expressed with this article. This is for information purposes only

Your home may be repossessed if you do not keep up repayments on your mortgage