What will happen to house prices after Brexit in Northern Ireland?

We know Brexit adds considerable uncertainty into the wider economy, however there is a current confidence around the housing market that is providing a boost to economic output.

Latest figures from the Government tell us that the number of housing completions was up by 5.7% on a year previous.

In explaining this, continuing favourable mortgage deals, and faster paced wage increases following a decade of stagnation are obvious markers.

The house price index from Nationwide reports that the average price of a house at the end of March 2019 in Northern Ireland is £142,484.

The average cost of a home in Northern Ireland’s capital was £131,324, with the most expensive average property price seen in the Lisburn and Castlereagh region at £160,834, while Armagh, Banbridge and Craigavon area offers up the best value at £116,368.

This is up 5.8% on the previous year in Northern Ireland.

House Index

House prices in Northern Ireland grew at the highest rate of any other region in the UK in the last year.

The national average figure masks significant regional differences with prices falling in the North East and London, whereas Northern Ireland and Wales experienced relatively strong house price growth.

If you’re concerned about Brexit and its impact on your own buying or selling a home, come to Mortgage Solutions Belfast for a free consultation – 02890 642000.

Source: Belfast Telegraph & www.finance-ni.gov.uk

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