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.xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0xa0
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.xa0
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: £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:xa0
https://www.finance-ni.gov.uk/articles/northern-ireland-house-price-index
