Average Northern Ireland house price up £25,000 in a little over one year as province bounces back - property values showing stronger growth here than in the rest of the UK
The average price of a house in Northern Ireland has gone up by £25,000 in a little over a year, new statistics show.
Evidence shows the province is bouncing back after months of decline in 2023, and by the end of last year the average property here sold for just under £206,000.
In October of 2023, the typical home cost around £180,000.
Northern Ireland is still one of the most affordable regions in which to buy, however, with average prices in Scotland clocking in at £209,000 while Wales priced at £226,000.
The only cheaper area was the North East of England, where the average house price is £176,000; the most expensive place to buy is London, where homes average out at a whopping £547,000.
The statistics were revealed in a monthly bulletin of house prices revealed by Halifax, which show that Northern Ireland’s property values increased by 7.4% over the course of 2024 – the strongest growth in the UK.
Across the four nations as a whole, the typical home costs £297,000. That’s up 3.3% compared to December of the previous year.
Halifax’s head of mortgages, Amanda Bryden, stated rising prices in the back half of 2024 were in part driven by falling interest rates spurring sales.
"Impending changes to stamp duty thresholds have also given prospective first-time buyers even greater motivation to get on the housing ladder,” she said.
“Mortgage demand picked up, hitting the highest level in over two years and back to levels seen pre-pandemic.”
Affordability is still a challenge, she added, but she predicted that 2025 should show “modest price growth” as long as the economy stays steady.