Property values in Northern Ireland up 8.9 per cent over year to £164,023 says Halifax


PROPERTY values in Northern Ireland increased by 8.9 per cent in July year-on-year, pushing the average average price up to £164,023, according to Halifax.

Across the UK, house price growth cooled in July, the month that a stamp duty holiday started to be tapered.

The average UK property price was £261,221, up by 0.4 per cent month-on-month, or about £1,122 in monetary terms.

Russell Galley, managing director, Halifax, said: "Annual price growth fell to 7.6 per cent, its lowest level since March.

"This easing was somewhat expected given the strength of price inflation seen last summer, as the market began its recovery from the first lockdown, and with activity supported by the start of the stamp duty holiday.

"In cash terms, typical prices now stand at just over £261,000, a little below May's peak but still more than £18,500 higher than a year ago."

The "nil rate" stamp duty band was reduced to £250,000 from July and it will revert to its standard rate in October, meaning many people putting offers in now are likely to miss out on any stamp duty savings.

Mr Galley said: "Latest industry figures show instructions for sale are falling and estate agents are experiencing a drop in their available stock.

"This general lack of supply should help to support prices in the near-term, as will the exceptionally low cost of borrowing and continued strong customer demand."

He added: "Overall, assuming a continuation of recent economic trends, we expect the housing market to remain solid over the next few months, with annual price growth continuing to slow but remaining well into positive territory by the end of the year."

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