House prices in north increased by 3.4% in the year to April 2024 – Halifax

Latest price tracker from lender suggests house price inflation is easing in Northern Ireland

Derry city houses. In this picture, there is a residential area taken from the walls.
Analysis by Halifax suggests house prices in the north grew by 3.4% in the year to April, easing from 4.1% in March 2024. (Getty/Getty Images)

House prices in the north increased by 3.4% in the year to April, new analysis by Halifax suggests.

The latest monthly house price index from the lender states that Northern Ireland was the strongest performing region in the UK last month, when it came to prices.

Halifax said residential properties in the north now cost an average of £192,502.

However, the market tracker suggests the pace of house price inflation is easing in Northern Ireland.

Halifax said the 3.4% year-on-year increase in April was down from 4.1% in the year to March 2024.

The monthly report from the lender is one of number of house price indices which track the property market in the north, using slightly different methodologies.

The latest official house price index, compiled by Land and Property Services (LPS), showed the average price of a home fell by 0.9% in the final quarter of 2023.

The official index put the average home at £177,611 for final three months of last year, 1.4% higher than 12 months earlier.

The same report found that the number of new homes completed by builders in Northern Ireland fell to its lowest level in more than 64 years during 2023.

The slowdown in new home building, coupled with the competition for the available housing stock, has been a key factor in price inflation.

The number of houses being sold has slowed in 2024.

Data released by HMRC in recent days suggests the north’s property market experienced the weakest first quarter for home sales since 2015.

The official house price index, covering the first quarter of 2024, is due to be published on May 22.