Drop in residential property prices

The latest House Price Index report for the first quarter of 2019 shows a slight decrease by one percent.

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House Price Index report for Quarter 1 2019.                      

The Index measures change in the price of residential property sold in Northern Ireland (NI). The Index uses Stamp Duty information on residential property sales recorded by HMRC. The NI House Price Index series is used as the NI component of the single official UK HPI and the statistics are comparable with other UK regions. Land & Property Services assisted by the Northern Ireland Statistics & Research Agency released the report.

Results for the most recent quarter (January – March 2019), which are provisional, show that:

  • Between Q4 (October – December) 2018 and Q1 (January – March) 2019 the house price index decreased by 1.0%;
  • Between Q1 2018 and Q1 2019 the house price index increased by 3.5%;
  • 4,272 residential properties sold during Q1 2019 (this will be revised upwards next quarter due to late returns). The number of properties sold in Q4 2018 increased by 611 due to late returns;
  • The House Price Index is now 21.5% higher than Q1 2015 (the reference period); and
  • Eight of the eleven district council areas showed a decrease over the quarter.

The Index value for Q1 2019 for NI as a whole is 121.5 and ranges from 111.9 in Ards and North Down to 133.5 in Causeway Coast and Glens. The standardised price for NI as a whole is £134,811 and ranges from £119,951 in Armagh City, Banbridge and Craigavon to £160,301 in Lisburn and Castlereagh.

House Price Index and Standardised Price in each council area Q1 2019:

Antrim and Newtownabbey
Index: 120.1
Quarterly Change: -1.5%
Annual Change: 3.3%
Standardised Price: £138,060
Ards and North Down
Index: 111.9
Quarterly Change: -1.3%
Annual Change: 0.8%
Standardised Price: £150,247
Armagh City, Banbridge and Craigavon
Index: 121.7
Quarterly Change: -0.1%
Annual Change: 3.4%
Standardised Price: £119,951
Belfast
Index: 121.5
Quarterly Change: -2.0%
Annual Change: 4.4%
Standardised Price: £128,386
Causeway Coast and Glens
Index: 133.5
Quarterly Change: 2.3%
Annual Change: 9.6%
Standardised Price: £144,168
Derry City and Strabane
Index: 127.4
Quarterly Change: -4.0%
Annual Change: 6.5%
Standardised Price: £120,651
Fermanagh and Omagh
Index: 132.1
Quarterly Change: 1.4%
Annual Change: 5.4%
Standardised Price: £126,575
Lisburn and Castlereagh
Index: 119.4
Quarterly Change: 0.1%
Annual Change: 4.1%
Standardised Price: £160,301
Mid and East Antrim
Index: 120.3
Quarterly Change: -0.6%
Annual Change:  0.7%
Standardised Price: £124,575
Mid Ulster
Index: 117.8
Quarterly Change: -2.5%
Annual Change: -0.3%
Standardised Price: £131,751
Newry, Mourne and Down
Index: 122.5
Quarterly Change: -2.2%
Annual Change: -0.3%
Standardised Price: £137,768