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House prices have risen for past six months

House prices have risen for the past half-year.

House prices have risen for the past half-year.

Northern Ireland house prices have been rising for half a year.

The recovery is modest, from levels last seen nearly a decade ago, chartered surveyors have said.

A recent University of Ulster report put the average price of a house at around £130,000.

Royal Institution of Chartered Surveyors (RICS) spokesman Tom McClelland said: “It must be remembered that average prices are now more than 50% below peak levels and they are rising from these levels - last seen in 2004 - at modest rates.

“The pattern across Northern Ireland is also varied, with different regions experiencing different trends. In terms of transactions, it is encouraging to note that these continue to rise, as housing market activity is an important economic driver.”

The RICS and Ulster Bank Housing Market Survey said November was the sixth consecutive month of higher prices, the first time since the property price peak that there have been six months in a row of growth.

Derek Wilson, head of lending products at Ulster Bank, said recent data from the Council of Mortgage Lenders (CML) showed the number of loans advanced for house purchase in Northern Ireland grew to its highest levels since 2009 between July and September this year.

“Greater interest and activity in the market is a reflection of a greater sense of realism evident in property values, both on the part of sellers and buyers,” he said.

“Through the continued development of our mortgage range, our team of mortgage specialists covering Northern Ireland, and our involvement in the co-ownership scheme, Ulster Bank is committed to playing its role in the market.”

House sales in Northern Ireland increased by more than a fifth between the second and third quarters of this year, the University of Ulster (UU) said last month.

Another report by the Stormont statistics agency, Nisra, put the quarterly rise at 7%.

 

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