NI House prices rise modestly despite political stalemate & uncertainty around Brexit

Michael Boyd, Deputy Chief Executive and Finance Director of Progressive Building Society gives his thoughts on the latest Northern Ireland Quarterly House Price Index.

As we review the Northern Ireland housing market following the publication of the latest Northern Ireland Quarterly Housing Price Index we again see resilience within the local economy continuing to support an affordable market.

Transactions in the first quarter of 2019 saw average house prices (£161,849) rise modestly with an annual increase of 1.2% compared to 2018.

However, while economic conditions in Northern Ireland support the outlook of an affordable housing market, quarterly growth continues to be subdued signalling a market where the level of transactions are cooling. Ultimately the sector is at a key juncture. According to local estate agents, the combined political stalemate and the uncertainty around the ongoing Brexit process is starting to have an impact impeding the level of house sales.

As one of the most affordable regions in the UK with employment rates at a record high this can only be a good thing for the housing market. However political leadership is needed to influence the buoyancy of the market and development of the wider economy in the longer term. Northern Ireland has one of the most affordable and sustainable housing markets in the UK but the wheels of industry must be supported to enable its vibrancy.

At Progressive we are committed to working to support the sector and continue the trend whereby a sustainable local housing market can be maintained into 2020 and beyond.

Take a look at previous Northern Ireland Quarterly House Price Indexes here.