Have you considered Buildings Insurance with the Mortgage Shop?
Wednesday, 20 August, 2014
The housing market in Northern Ireland has witnessed a jump in both prices and activity in the last year, according to new government data.
The Land and Property Services’ Residential Property Price Index - which uses stamp duty information – said house prices were 10% higher in the second quarter of 2014 compared to the same time last year.
It also showed that transactions climbed by 25% during that time, with 4,800 houses changing hands in the three months to the end of June.
Terraced houses have performed particularly well with the average price now standing at £71,872, a 12% hike on last year.
Semi-detached houses climbed by 9% over the last 12 months to £104,927, apartments by 8% to £83,987 and detached houses by 4% to £162,426.
The recovery has also taken place at a different pace across Northern Ireland.
The best performing region in the second quarter was outer Belfast where prices climbed 12% to an average £121,505.
It was followed by Belfast city which was up 10% at £98,120, the east of Northern Ireland up 9% at £103,536, the west and south of Northern Ireland up 7% at £100,339 and the northern of Northern Ireland which was up 5% at £97,665.
While the recovery has helped what had been a beleaguered market, prices still have some way to go.
The average price of all properties at present stands at £105,894, a figure which is 49% below the peak reached in the third quarter of 2007.
Finance minister Simon Hamilton welcomed the news.
“Today’s report shows further encouraging signs that the housing market in NI is a much more normalised picture. This is particularly good news for first time purchasers and those who are seeking to move up and secure value for money in a much more stable market.”
Source: Ulster Business 20th August 2014
Your home may be repossessed if you do not keep up repayments on your mortgage.
Typically we do not charge a fee for mortgage advice, however if we do, depending on your circumstances, it will be a maximum of £250.
As with all insurance policies, conditions and exclusions will apply.
The Mortgage Shop (N.I) Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority Registered Office: The Mortgage Shop (N.I) Ltd, 132 Great Victoria Street, Belfast. BT2 7BG. Registered Company Number: NI26842. Registered in Northern Ireland.