Ulster University’s latest Quarterly House Price Index found a 7.8% increase from the last three months of 2018 to the end of 2019. The average house price of £178,800 was also a 2.8% increase from the third quarter of 2019.

Ards and North Down was the council area with the highest average house price at £203,124. It was followed in the list by Lisburn and Castlereagh (£195,362), with Belfast (£174,427), Causeway Coast & Glens (£168,781) and Mid-Ulster (£153,122) making up the rest of the top five.

Dr Martin Hinch, research associate in Performance & Analysis of Residential Property Markets at Ulster University said that with the report showing average house prices to be at their highest level since 2008, “there is much to be positive about for 2020 and beyond”. “The market has shown resilience in the face of external economic and geopolitical challenges, and as we establish more stable government at both local and UK level, we can be optimistic about continued growth. “Of course, there are still real challenges in relation to Brexit and trade negotiation outcomes for the longer term. However, Stormont’s return and the UK’s formal EU exit has at least alleviated some of the uncertainty we’ve experienced over the past three years.”

The average house price in Antrim and Newtownabbey was £150,964. The rest of the rankings saw Armagh, Banbridge & Craigavon at £149,131, followed by Mid & East Antrim at £134,517, Fermanagh & Omagh at £131,061) and Derry & Strabane at £129,013 – making it the cheapest place to buy a home.

Michael Boyd, deputy chief executive at Progressive Building Society, said: “While Q4 2019 was very fluid both economically and politically at a national level, the passing of October 31 without a cliff-edge Brexit and the signing of the UK EU withdrawal agreement provided much needed stability at a local level. “To build on the confidence within the market and maintain sustainable growth, the upcoming trade negotiations between the UK and the EU and the ease of flow of goods and services for NI businesses, need to be carefully navigated.”

Separate research by government body Land and Property Services in November last year said house prices had grown by 4% over the previous 12 months to reach an average of £139,951. The residential property price index said there had also been growth of 2.3% during the last quarter.

Article sourced from Belfast Telegraph website in an article on 25th Feb 2020 . Original full article can be viewed by clicking link below

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