Northern Ireland House Price Rise Biggest in UK

20th March 2019

Northern Ireland House Price Rise Biggest in UK

House prices in Northern Ireland have seen the biggest increase in the UK over the year, taking the average house price in the province to £137,000.

Northern Ireland saw an increase of 5.5%, well above the average increase in the UK of 1.7% in the year to January 2019, down from 2.2% in December and the lowest annual rate since June 2013.

House prices increased at their slowest annual pace in nearly six years in January as property values tumbled in London but increased relatively strongly in places including the Midlands, Wales and Northern Ireland, official figures show.

England and Scotland saw a slowdown in annual house price growth, while in Wales and Northern Ireland property values are rising relatively strongly.

In Wales, the abolition of the Severn crossing tolls is helping to drive prices up in the south-east of the country, according to the report released jointly by the Office for National Statistics (ONS), Land Registry and other bodies.

UK house price growth has been slowing for the past two-and-a-half years, driven mainly by a slowdown in the South and East of England.

In London, house prices fell by 1.6% annually, while in the East of England prices fell by 0.2% over the year.

In the East Midlands, prices increased by 4.4% in the year to January 2019, while the West Midlands saw 4.0% growth.

Across the UK, the average house price was £228,000 in January.