According to recent figures released by the Office for National Statistics (ONS) and the Land Registry, house prices in Northern Ireland are up 3.1% on figures from the first quarter of this year.
This reflects the trend across the UK, which shows house prices slowly creeping upwards. However, Northern Ireland remains the most affordable region in the UK to buy a property, with the average price currently sitting at £128,650.
The figure accounts for variations across different council areas, and is an average for all types and sizes of homes – including everything from one bed apartments, to four bed detached properties.
Surprisingly Belfast saw the slowest rate of growth with prices just 1% higher whilst the most obvious jump in price was in Mid Ulster, where average house prices have risen by 9% over the last 12 months.
The increased demand for turnkey properties has seen average prices for new build houses rising sharply, while the cost of existing properties have not increased at the same rate.
Overall, the property climate in Northern Ireland will likely have a mixed effect on homeowners, and those seeking to get on the property ladder for the first time.
While it’s a positive sign of economic recovery that house prices are on the up, the growth rate is slow and steady, and should not discourage first time buyers from investigating the property market, and their ability to secure a mortgage, particularly with the prominence of the government-backed Help to Buy ISA Scheme, and Help to Buy Mortgages, which require deposits from as little as 5%.