The average house price in Northern Ireland has increased since 2015, with minor fluctuations over time. The house price index is calculated using data on housing transactions and measures the development of house prices, with 2015 chosen as a base year when the index value was set to 100. In June 2024, the house price index reached 166.8, meaning that house prices have grown by nearly 67 percent since 2015 and 6.4 percent since the same month a year ago. Among the different regions in the UK, West and East Midlands experienced the strongest growth.

This statistic shows annual mix-adjusted house prices in Northern Ireland (UK) between the years of 2005 and 2015, and a forecast thereof for 2016 to 2025. It shows an increase in price from the year 2000 to 2007, including a dramatic increase form 2006 to 2007. The predicted trend showed that the market in Northern Ireland would be slower to recover than most other regions of the United Kingdom and it would take time to reach the levels seen before 2008.

Annual descriptive price statistics for each calendar year 2005 – 2023 for 11 Local Government Districts in Northern Ireland. The statistics include: • Minimum sale price • Lower quartile sale price • Median sale price • Simple Mean sale price • Upper Quartile sale price • Maximum sale price • Number of verified sales Prices are available where at least 30 sales were recorded in the area within the calendar year which could be included in the regression model i.e. the following sales are excluded: • Non Arms-Length sales • sales of properties where the habitable space are less than 30m2 or greater than 1000m2 • sales less than £20,000. Annual median or simple mean prices should not be used to calculate the property price change over time. The quality (where quality refers to the combination of all characteristics of a residential property, both physical and locational) of the properties that are sold may differ from one time period to another. For example, sales in one quarter could be disproportionately skewed towards low-quality properties, therefore producing a biased estimate of average price. The median and simple mean prices are not ‘standardised’ and so the varying mix of properties sold in each quarter could give a false impression of the actual change in prices. In order to calculate the pure property price change over time it is necessary to compare like with like, and this can only be achieved if the ‘characteristics-mix’ of properties traded is standardised. To calculate pure property change over time please use the standardised prices in the NI House Price Index Detailed Statistics file.

It can be seen that the Northern Ireland house price index was 202.5 points in the third quarter of 2007, but during the global recession it decreased and never re-gained the pre-crash levels. As of the third quarter of 2023 the residential property price index in Northern Ireland was 161.8, up from 158.5 in the same period in the previous year.

The average house price in Belfast has increased since 2015, with minor fluctuations over time. The house price index is calculated using data on housing transactions and measures the development of house prices, with 2015 chosen as a base year when the index value was set to 100. In June 2024, the house price index reached 159, meaning that house prices have grown by 59 percent since 2015 and 6.3 percent since the same month in 2023. Among the different regions in the UK, West and East Midlands experienced the strongest growth.

Annual descriptive price statistics for each calendar year 2005 – 2023 for 11 Local Government Districts in Northern Ireland. The statistics include: • Minimum sale price • Lower quartile sale price • Median sale price • Simple Mean sale price • Upper Quartile sale price • Maximum sale price • Number of verified sales Prices are available where at least 30 sales were recorded in the area within the calendar year which could be included in the regression model i.e. the following sales are excluded: • Non Arms-Length sales • sales of properties where the habitable space are less than 30m2 or greater than 1000m2 • sales less than £20,000. Annual median or simple mean prices should not be used to calculate the property price change over time. The quality (where quality refers to the combination of all characteristics of a residential property, both physical and locational) of the properties that are sold may differ from one time period to another. For example, sales in one quarter could be disproportionately skewed towards low-quality properties, therefore producing a biased estimate of average price. The median and simple mean prices are not ‘standardised’ and so the varying mix of properties sold in each quarter could give a false impression of the actual change in prices. In order to calculate the pure property price change over time it is necessary to compare like with like, and this can only be achieved if the ‘characteristics-mix’ of properties traded is standardised. To calculate pure property change over time please use the standardised prices in the NI House Price Index Detailed Statistics file.

The Residential Property Price Index is a quarterly composite index, combining the Northern Ireland House Price Index with the Northern Ireland Apartment Price Index. It is designed to provide a measure of the change in price of a “typical” residential property sold in Northern Ireland, over the reference period. The index uses information on all residential properties sales each quarter.

Source agency: Northern Ireland Statistics and Research Agency

Designation: Official Statistics not designated as National Statistics

Language: English

Alternative title: NI Residential Property Price Index, NI Property Price Index

The house price index (HPI) shows changes in the value of residential properties in England, Scotland, Wales, and Northern Ireland. With the HPI set at a base of 100 in January 2015, a value of over 100 would mark an increase in the average dwelling price. A value of under 100 points, on the other hand, would indicate that the average price has dropped. House price index in the UK The HPI fluctuated in 2023, after peaking in November 2022. In December 2023, the index stood at 149 index points, which was a slight decline from December 2022. This trend in the index, and therefore the value of UK residential properties, has also been observed by the Halifax house price index. Average house prices Average house prices are affected by several factors. Economic growth, unemployment, interest rates and mortgage availability can all drive them up or down. A shortage of supply means that the need for housing and the competitive market created will push house prices up. An excess of housing, on the other hand, means prices fall to stimulate buyers.

Annual descriptive price statistics for each calendar year 2005 – 2023 for 462 electoral wards within 11 Local Government Districts. The statistics include: • Minimum sale price • Lower quartile sale price • Median sale price • Simple Mean sale price • Upper Quartile sale price • Maximum sale price • Number of verified sales Prices are available where at least 30 sales were recorded in the area within the calendar year which could be included in the regression model i.e. the following sales are excluded: • Non Arms-Length sales • sales of properties where the habitable space are less than 30m2 or greater than 1000m2 • sales less than £20,000. Annual median or simple mean prices should not be used to calculate the property price change over time. The quality (where quality refers to the combination of all characteristics of a residential property, both physical and locational) of the properties that are sold may differ from one time period to another. For example, sales in one quarter could be disproportionately skewed towards low-quality properties, therefore producing a biased estimate of average price. The median and simple mean prices are not ‘standardised’ and so the varying mix of properties sold in each quarter could give a false impression of the actual change in prices. In order to calculate the pure property price change over time it is necessary to compare like with like, and this can only be achieved if the ‘characteristics-mix’ of properties traded is standardised. To calculate pure property change over time please use the standardised prices in the NI House Price Index Detailed Statistics file.

The average house price in the increased by 2.7 percent year-on-year in June 2024, according to the monthly house price index. The index is calculated using data on housing transactions and measures the development of house prices, with 2015 chosen as a base year when the index value was set to 100. In June 2024, the index reached 151 index points, meaning that house prices have grown by over 51 percent since 2015. The house price index is an important measure for the residential real estate market. It is used to show changes in the value of residential properties in England, Scotland, Wales and Northern Ireland. This upwards trend in house price index, and therefore the value of residential properties, has also been observed by other measurers of house price index in the United Kingdom.

The UK regions that observed the highest house price growth as of June 2024 were North Ireland and North West, where the HPI measured over 160 index points. The house price index (HPI) is an easy way of illustrating trends in the house sales market. By using hedonic regression, the index models property price data for all dwellings and shows how much the price has changed since January 2015. An index value of 160 index points indicates a price increase of 60 percent since 2015.

During the COVID-19 pandemic, the number of house sales in the UK spiked, followed by a period of decline. In 2023 and 2024, the housing market slowed notably, and in January 2025, transaction volumes fell to 46,774. House sales volumes are impacted by a number of factors, including mortgage rates, house prices, supply, demand, as well as the overall health of the market. The economic uncertainty and rising unemployment rates has also affected the homebuyer sentiment of Brits. How have UK house prices developed over the past 10 years? House prices in the UK have increased year-on-year since 2015, except for a brief period of decline in the second half of 2023 and the beginning of 2024. That is based on the 12-month percentage change of the UK house price index. At the peak of the housing boom in 2022, prices soared by nearly 14 percent. The decline that followed was mild, at under three percent. The cooling in the market was more pronounced in England and Wales, where the average house price declined in 2023. Conversely, growth in Scotland and Northern Ireland continued. What is the impact of mortgage rates on house sales? For a long period, mortgage rates were at record-low, allowing prospective homebuyers to take out a 10-year loan at a mortgage rate of less than three percent. In the last quarter of 2021, this period came to an end as the Bank of England rose the bank lending rate to contain the spike in inflation. Naturally, the higher borrowing costs affected consumer sentiment, urging many homebuyers to place their plans on hold and leading to a decline in sales.

The lowest monthly costs of buying a home for first-time buyers in 2023 was in Northern Ireland, with an average of 779 British pounds a month. In comparison, the average monthly cost in the UK were 1,232 British pounds.

The borough with the highest property prices in London, Kensington and Chelsea, had an average price for a flat that was about 600,000 British pounds higher than the London average. London is the most populous metropolitan area in the UK, and living in it comes with a price tag. Unsurprisingly, the most expensive boroughs in terms of real estate prices are located in the heart of the metropolis: Kensington and Chelsea, the City of Westminster, and the City of London. In Kensington and Chelsea, home to several museums such as the Natural History Museum, the Victoria and Albert Museum, and the Science Museum, as well as galleries and theaters, the average price of apartments was over million British pounds. How have residential property prices developed in recent years? The average house price in England declined slightly in 2023 after increasing year-on-year since 2008. The housing market in Wales also experienced a mild correction, but prices in Scotland and Northern Ireland continued to grow. Since 2015, the base year of the UK House Price Index, house prices in London have risen by over 30 percent. In London, the cost of a flat decreased by 0.3 percent year-on-year as of June 2024. However, some of the most expensive boroughs recorded a decline of over 10 percent. Are residential property prices in London expected to grow in the future? Despite property prices declining in 2023, the market is forecast to continue to grow in the next five years, according to a March 2023 forecast. Some of the reasons for this are the robust demand for housing, the chronic shortage of residential properties and the anticipated decline in mortgage interest rates.

United Kingdom House Price: Qtr: North Ireland data was reported at 136,211.311 GBP in Jun 2018. This records a decrease from the previous number of 137,965.023 GBP for Mar 2018. United Kingdom House Price: Qtr: North Ireland data is updated quarterly, averaging 42,082.176 GBP from Dec 1973 (Median) to Jun 2018, with 179 observations. The data reached an all-time high of 227,969.814 GBP in Sep 2007 and a record low of 7,951.962 GBP in Dec 1973. United Kingdom House Price: Qtr: North Ireland data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s UK – Table UK.P001: House Price: Nationwide.

In the presented European countries, the homeownership rate extended from 42 percent in Switzerland to as much as 96 percent in Albania. Countries with more mature rental markets, such as France, Germany, the UK and Switzerland, tended to have a lower homeownership rate compared to the frontier countries, such as Lithuania or Slovakia. The share of house owners among the population of all 27 European countries has remained relatively stable over the past few years. Average cost of housing Countries with lower homeownership rates tend to have higher house prices. In 2023, the average transaction price for a house was notably higher in Western and Northern Europe than in Eastern and Southern Europe. In Austria - one of the most expensive European countries to buy a new dwelling in - the average price was three times higher than in Greece. Looking at house price growth, however, the most expensive markets recorded slower house price growth compared to the mid-priced markets. Housing supply With population numbers rising across Europe, the need for affordable housing continues. In 2023, European countries completed between one and six housing units per 1,000 citizens, with Ireland, Poland, and Denmark responsible heading the ranking. One of the major challenges for supplying the market with more affordable homes is the rising construction costs. In 2021 and 2022, housing construction costs escalated dramatically due to soaring inflation, which has had a significant effect on new supply.

From 2019 to 2020, the average weekly home care cost in the UK ranged from 551 to 769 British pounds for residential care and from 706 to 979 for nursing care. On average, care homes in England were more expensive than in Scotland or Wales. However, the lowest care home costs were found in Northern Ireland. Residential care in Northern Ireland cost on average 551 British pounds in 2019-2020.