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Birmingham Post
Birmingham Post
Business
David Elliott

Northern Ireland housing market dips as inflation bites but tight supply underpins

House prices in Northern Ireland eased back at the start of this year as rising interest rates and still-high inflation further dented household incomes.

The market posted its second consecutive quarterly decline in the first quarter of 2023 to leave the average price of a home in the province at £172,005, according to the Residential Property Price Index, down 1.8% on the last quarter of 2022, and solidifying concerns that affordability is beginning to be stretched.

However, on an annual basis, prices are still 5% higher than the same period last year and the continued lack of supply of new stock – either new build homes or existing housing stock – mean the market remains well supported.

The data release from the Land and Property Services showed new housing starts in the first quarter stood at 1,361, 29% down on the same time last year and the lowest level since 2014. Housing completions, meanwhile, were also down 25% on an annual basis in the first quarter and will likely fall further given the slide in starts.

Northern Ireland is also the cheapest region of the UK to buy a home with average prices in Scotland reaching £185,000, in Wales £214,000 and in England £304,000.

On a regional basis within the province, prices range from £148,548 in Derry City and Strabane to £204,112 in Lisburn and Castlereagh.

Regional house prices in Northern Ireland:

Antrim and Newtownabbey

Quarterly Change: -1.3%

Annual Change: 6.8%

Standardised Price: £177,272

Ards and North Down

Quarterly Change: -4.8%

Annual Change: 2.6%

Standardised Price: £191,690

Armagh City, Banbridge and Craigavon

Quarterly Change: -0.5%

Annual Change: 6.1%

Standardised Price: £154,738

Belfast

Quarterly Change: -1.6%

Annual Change: 3.6%

Standardised Price: £158,219

Causeway Coast and Glens

Quarterly Change: 0.7%

Annual Change: 7.9%

Standardised Price: £196,021

Derry City and Strabane

Quarterly Change: -3.4%

Annual Change: 1.8%

Standardised Price: £148,548

Fermanagh and Omagh

Quarterly Change: -2.7%

Annual Change: 4.7%

Standardised Price: £158,172

Lisburn and Castlereagh

Quarterly Change: -1.8%

Annual Change: 8.2%

Standardised Price: £204,122

Mid and East Antrim

Quarterly Change: -0.4%

Annual Change: 5.4%

Standardised Price: £159,984

Mid Ulster

Quarterly Change: -2.7%

Annual Change: 3.1%

Standardised Price: £163,498

Newry, Mourne and Down

Quarterly Change: -1.3%

Annual Change: 4.3%

Standardised Price: £183,203

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