House prices rise by almost £5k despite Brexit

Report highlights the first substantive rise since last autumn
Report highlights the first substantive rise since last autumn

House prices in Northern Ireland increased by almost £5,000 in the year to June despite Brexit fears, an authoritative study suggested.

A typical property was worth £123,241, with the most expensive in Lisburn and Castlereagh and the cheapest in the North West, according to the Government’s statistics and research agency.

It was the first substantive rise since last autumn.

The figures from the Northern Ireland Statistics & Research Agency (NISRA) include the first seven days after the EU referendum on June 23.

They follow a recent report from Northern Ireland estate agents showing that the housing market improved last month despite the EU referendum vote.

The greater Belfast area saw the most dramatic growth in prices during the three months from April to June this year, according to the House Price Index Report for the second quarter of this year.

The cost in the city itself has increased by almost one 10th over the last year to £118,894.

The comparable rise in Derry City and Strabane was 9% to £102,715.

The Index published by Land and Property Services with the assistance of the statistics agency measures change in the price of residential property sold in Northern Ireland using stamp duty information on sales.

Prices increased by 4%.

Consultants PwC warned wider inflation was creeping upwards.

Northern Ireland chief economist Dr Esmond Birnie said it was too early to draw any firm conclusions on the medium-term impact of the Brexit referendum on property prices.

“We expect that the vote to leave the EU will have a significant impact on the housing market, with UK property growth decelerating to around 3% this year and around 1% in 2017, before returning to a trend growth rate of about 5% per annum for the rest of the decade.