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House prices in north up £5,000 in a year

The second phase of refurbished apartments at Obel is now on sale

THE price of the average house in Northern Ireland rose by almost 8 per cent in the past year, adding around £5,000 to the cost of a typical home.

According to official figures contained in the latest House Price Index for the north, a typical home in the three months to June cost £123,241.

It makes them just over half the UK average.

However, prices varied widely across Northern Ireland from £102,715 in Derry and Strabane to £148,600 in Lisburn and Castlereagh.

And the study revealed not all council areas are experiencing house price growth with Mid-Ulster, Fermanagh and Omagh and Causeway Coast and Glens all recording a decline in the last quarter.

However in the case of Fermanagh and Omagh, the recent decline did not stop the council area showing the steepest hike in house prices over the 12 month period - up 10 per cent.

The index uses stamp duty information on residential property sales recorded by HMRC.

Northern Ireland property prices static, but inflation creeps upwards.

As the data only captured one week following the EU referendum, it was "too early to draw any firm conclusions" on the impact of the Brexit vote, PwC's chief economist in the north Dr Esmond Birnie said.

“We expect that the vote to leave the EU will have a significant impact on the housing market, with UK property growth decelerating to around 3 per cent this year and around 1 per cent in 2017, before returning to a trend growth rate of about 5 per cent per annum for the rest of the decade," he said.

“Cumulatively, our estimates suggest that average UK house prices in 2018 could be 8 -per cent lower than if the UK had voted to stay in the EU.”

Meanwhile, Belfast's Obel building, the high rise apartment block which rose during the height of the property market before finally opening after the crash, continues its revival.

The first phase of refurbished homes at the building has sold with the second tranche of luxury apartments now on sale.

It is the latest stage of the ongoing £2 million upgrade of what is Ireland's tallest building.

The prices of the sold apartments range from £139,000 to £305,000 and, as with the first phase, the new apartments coming to market will include a mix of one, two and three-bed units.

Will Miscampbell, Partner at Fetherston Clements Estate Agents, the selling agent for the Obel apartments said: "The high demand for Obel apartments is in keeping with the latest House Price Index report which shows how vibrant the local residential property market is, with 4,075 residential properties sold during the second quarter of this year."

COST OF TYPICAL HOME ACROSS NORTH

Antrim and Newtownabbey £128,355

Ards and North Down £143,937

Armagh City, Banbridge and Craigavon £110,118

Belfast £118,894

Causeway Coast and Glens £122,173

Derry City and Strabane £102,715

Fermanagh and Omagh £110,247

Lisburn and Castlereagh £148,600

Mid and East Antrim £115,747

Mid-Ulster £120,583

Newry, Mourne and Down £125,137

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