Residential property prices increase in Northern Ireland | Newry Times

Posted by
editor@newrytimes.com
Wednesday, February 17th, 2021
Community

Figures released today show a price increase in residential properties in Northern Ireland in Quarter 4, 2020.      

 

Residential property prices increase in Northern Ireland - Newry Times - Newry City house prices

 

The Index measures change in the price of residential property sold in Northern Ireland (NI).

 

 

The Index uses Stamp Duty information on residential property sales recorded by HMRC. 

The NI House Price Index series is used as the NI component of the single official UK HPI and the statistics are comparable with other UK regions.

The UK Government lockdown measures to stop the spread of Covid-19 essentially paused the housing market between 23 March and 15 June. 

The number of transactions recorded in April – June 2020 was approximately one-third of the initial number of sales recorded during April – June 2019. 

 

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Although there was a large reduction in the number of sales during the quarter, the sales received were still representative of the property market as they were not skewed towards one property type, location or socio-demographic characteristic. 

LPS/NISRA are content the model used to predict the average price and index value is robust and the reduced number of sales did not adversely affect the quality of the price index calculations for the second quarter of 2020.

The NI House Price Index was awarded National Statistics status on 18 September 2018.

 

 

Results for the most recent quarter (October – December 2020), which are provisional, show that:

 – Between Q3 (July – September) 2020 and Q4 (October – December) 2020 the house price index increased by 3.0%;

 – Between Q4 2019 and Q4 2020 the house price index increased by 5.3%;

 – The average price for a house in Northern Ireland is £147,593 and ranges from £129,151 in Armagh City, Banbridge and Craigavon to £174,148 in Lisburn and Castlereagh.

 – 7,401 residential properties sold during Q4 2020;

(This number will be revised upwards in the next publication due to late returns and the entry of new properties into the NI Valuation List)

 

 

 – The House Price Index is now 33.0% higher than Q1 2015 (the reference period).

The report includes trends in the property markets in each council area across NI.

The Index value for Q4 2020 for NI as a whole is 133.0 and ranges from 123.6 in Ards and North Down to 149.8 in Causeway Coast and Glens.

House Price Index and Standardised Price in Newry, Mourne and Down Council area (Q4 2020):                               

Newry, Mourne and Down          

Index:                                                    141.6

Quarterly Change:                            4.7%

Annual Change:                                 8.9%

Standardised Price:                          £159,305

 

 

A graphical representation of the residential property price index for each council can be viewed in the Detailed Statistics here.

 

Keep up to date with all the latest Northern Ireland Coronavirus / Covid-19 news HERE

 

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