University of Ulster Northern Ireland House Price Index Q3 2023

A summary of the latest trends from the Northern Ireland housing market

The latest University of Ulster Northern Ireland Quarterly House Price Index has been released and indicates relative stability in the local housing market. The Q3 index is based on 3,000 transactions which is a slight increase on Q2 2023 and the highest level of transactions since early summer 2022. The average house price remains steady at £205,545 compared to £206,952 a year ago. However, this disguises regional variation with significant differences between, for example, Lisburn and Castlereagh (an increase of 6.2% since Q2 2023) and Causeway Coast and Glens (a decrease of 12% since Q2 2023).

 

Significantly, the majority of estate agents have reported a fall in new listings and new buyer enquiries and so the stability in values is likely due to a low supply of properties on the market. Whilst some certainty has returned to the market with no further base rate increases in recent months and a slight reduction in some mortgage rates, the outlook remains mixed with a slowing jobs market and weak economic growth. As we are now coming into a traditionally quiet time for the housing market, activity is likely to remain subdued with buyers and sellers waiting to see what happens next.

 

You can read the report in full here https://www.ulster.ac.uk/research/topic/built-environment/research-property-planning/housing-market-reports/house-price-index

14 November 2023