Residential Properties See Price Rises In North

Residential property prices increase across the North

Residential property prices increase across the North

The Land and Property Services assisted by the Northern Ireland Statistics & Research Agency today released the House Price Index report for Quarter 2 2023.                      

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

Results for the most recent quarter (April – June 2023), which are provisional, show that:

  • Between Q1 (January – March) 2023 and Q2 (April – June) 2023 the house price index increased by 1.4%;
  • Between Q2 2022 and Q2 2023 the house price index increased by 2.7%;
  • The average price for a house in Northern Ireland is £173,898 and ranges from £152,388 in Armagh City, Banbridge and Craigavon to £203,161 in Lisburn and Castlereagh.
  • 4,776 residential properties sold during Q2 2023;

(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 56.8% higher than Q1 2015

Local Government District Index and Prices

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

The Index value for Q2 2023 for NI as a whole is 156.8 and ranges from 148.8 in Ards and North Down to 183.9 in Causeway Coast and Glens.

House Price Index and Standardised Price in each council area Q2 2023:

Newry, Mourne and Down

Index:                     165.9

Quarterly Change:  2.7%

Annual Change:      2.7%

Standardised Price: £186,646.

Ards and North Down

Index:                      148.8

Quarterly Change:   4.3%

Annual Change:      1.6%

Standardised Price: £199,745.

Lisburn and Castlereagh

Index:                     151.3

Quarterly Change:  0.0%

Annual Change:      4.2%

Standardised Price: £203,161.

Antrim and Newtownabbey

Index:                       155.1

Quarterly Change:    0.7%

Annual Change:       2.3%

Standardised Price: £178,274

Armagh City, Banbridge and Craigavon

Index:                     154.6

Quarterly Change:  -1.5%

Annual Change:      1.1%

Standardised Price: Â£152,388

Belfast

Index:                      149.1

Quarterly Change:  -0.5%

Annual Change:      0.8%

Standardised Price: £157,629

Causeway Coast and Glens

Index:                     183.9

Quarterly Change:  2.5%

Annual Change:      5.0%

Standardised Price: £198,603

Derry City and Strabane

Index:                     169.2

Quarterly Change:  8.4%

Annual Change:      6.7%

Standardised Price: £160,175

Fermanagh and Omagh

Index:                     167.4

Quarterly Change:  1.1%

Annual Change:      4.6%

Standardised Price: £160,473

Mid and East Antrim

Index:                    153.8

Quarterly Change: -0.2%

Annual Change:     3.5%

Standardised Price: £159,259

Mid Ulster

Index:                     149.7

Quarterly Change:  3.0%

Annual Change:      3.3%

Standardised Price: £167,396

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

https://www.finance-ni.gov.uk/articles/northern-ireland-house-price-index