Causeway Chronicle

Residential property prices increase slightly

Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the House Price Index report for Quarter 1 2024.                      

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 (now called Accredited Official Statistics) status on 18 September 2018. National Statistics / accredited official statistics have been judged to comply with the Code of Practice by the Office for Statistics Regulation, as the regulatory arm of the UK Statistics Authority. Accredited official statistics are called National Statistics in the Statistics and Registration Service Act 2007. 

Results for the most recent quarter (January – March 2024), which are provisional, show that:

  • Between Q4 (October – December) 2023 and Q1 (January – March) 2024 the house price index increased by 0.4%;
  • Between Q1 2023 and Q1 2024 the house price index increased by 4.0%;
  • The average price for a house in Northern Ireland is £178,499 and ranges from £158,038 in Derry City and Strabane to £210,592 in Lisburn and Castlereagh.
  • 4,533 residential properties sold during Q1 2024;

(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 60.9% higher than Q1 2015 (the reference period).

Local Government District Index and Prices

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

The Index value for Q1 2024 for NI is 160.9 and ranges from 155.1 in Ards and North Down to 172.9 in Causeway Coast and Glens.

House Price Index and Standardised Price in each council area Q1 2024:

Antrim and Newtownabbey
Index: 160.6
Quarterly Change: 0.8%
Annual Change: 4.1%
Standardised Price: £184,684

Ards and North Down
Index: 155.1
Quarterly Change: 3.3%
Annual Change: 8.6%
Standardised Price: £208,114

Armagh City, Banbridge and Craigavon
Index: 163.4
Quarterly Change: 0.9%
Annual Change: 4.1%
Standardised Price: £161,064

Belfast
Index: 155.3
Quarterly Change: 1.0%
Annual Change: 3.5%
Standardised Price: £164,101

Causeway Coast and Glens
Index: 72.9
Quarterly Change: -5.1%
Annual Change: -4.0%
Standardised Price: £186,677

Derry City and Strabane
Index: 66.9
Quarterly Change: -0.3%
Annual Change: 7.1%
Standardised Price: £158,038

 Fermanagh and Omagh
Index: 170.5
Quarterly Change: 1.0%
Annual Change: 3.3%
Standardised Price: £163,403

 Lisburn and Castlereagh
Index: 156.9
Quarterly Change: 2.6%
Annual Change: 3.7%
Standardised Price: £210,592

Mid and East Antrim
Index: 157.1
Quarterly Change: -2.4%
Annual Change: 1.6%
Standardised Price: £162,656

Mid Ulster
Index: 157.4
Quarterly Change: 1.7%
Annual Change: 7.9%
Standardised Price: £176,072

Newry, Mourne and Down
Index: 166.9
Quarterly Change: -1.4%
Annual Change: 3.3%
Standardised Price: £187,823

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

Causeway Chronicle

Causeway Chronicle