Northern Ireland property prices increase by 4.2% but is still 'the most affordable UK region'

Latest statistics published by Nationwide and PropertyPal, have revealed that in contrast to most UK regions, average house prices across Northern Ireland rose once again throughout the last quarter of 2023.

Northern Ireland property prices increased by 4.2% throughout the year, to an average figure of £203,100.

However, despite this increase, it still remains the most affordable region for buyers with average prices across the UK recorded as approximately £55,000 higher.

Commenting on the data, John Minnis, company director at leading Northern Ireland estate agent, John Minnis Estate Agents, said: "Northern Ireland witnessed a steady increase in property prices during 2023, a trend which was somewhat surprising given the challenging economic conditions seen in the opening half of the year.

“It is very encouraging that the property market finished strongly in 2023 and has started 2024 on a positive note. We have witnessed sustained demand throughout January across our five-branch network in Northern Ireland, as buyers appear more confident, most likely spurred on by a reduction in mortgage rates.

“The gradual improvement in inflation levels has encouraged competitiveness amongst mortgage lenders, something which we expect will result in a more active market in 2024.

“We have seen a recent uplift as vendors hope to benefit from improving market sentiment, and we are pleased to report that interest in high-quality properties remains strong, with the majority of properties listed with John Minnis continuing to sell at or above asking price.

“Although an increase in average prices may raise concerns about affordability, it is important to note that Northern Ireland maintains its position as the most affordable UK region for residential property purchases.

“This is good news, not only for those hoping to invest in property, but also for current owners seeking to maximise their return on investment.

"For those looking to buy or sell property, engaging with a trusted estate agent should be the number one priority. At John Minnis, our experienced team is always on hand to provide expert advice and support to facilitate seamless property transactions."