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House prices in Northern Ireland starting to gather momentum

July 26, 2017Article by Kirsty Rose

  • House price recovery has taken place in the majority of major cities around the UK, according to recent data from Hometrack.
  • Belfast may be beginning its return to the 2007 house price peak.

Sustained house price growth in major regional cities around the UK has pushed house prices ahead of their 2007 peak in sixteen cities.

At current growth rates it will be another two years before Newcastle, Glasgow and Liverpool exceed their 2007 levels.

Belfast house prices “enjoys the clearest runway to ascend”

However, Belfast is expected to take longer to reach previous levels, with prices still 45 per cent lower than that of 2007.

Ray Withers, CEO of Property Frontiers an investment company, comments,

Hometrack’s latest data release on UK city house prices both signals the end of the slowdown and shows that the 12 months since Brexit has reversed the fortunes of some of our big cities. Nestled in the middle of the pack but with growth of 2 per cent in the last three months alone, Belfast still enjoys the clearest runway to ascend back to its pre-crisis peak.

The capital of Northern Ireland – with its increasing importance to the governing process in Westminster – is 44.2 per cent below its highest point, and the only UK city with double digit catch-up potential. Its current affordability won’t last long while the extreme shortage of new housing persists.

House price growth continues to be strong in north

The average urban house price rose by 5 per cent in the UK since January – almost hitting the forecast for the whole year (6-7 per cent) in half the expected time.

Mr Withers added,

The picture is more interesting when you look closer. The average is actually dragged down by London, (at 2.6 per cent) and other former chart leaders Oxford and Cambridge, while cities further north provide all the momentum.

The tables have turned for places like Nottingham and Liverpool, with the quickest quarterly growth, while stalwarts like Manchester and Birmingham press ahead at 6.4 per cent and 7.8 per cent year-on-year respectively.

Rents in the Midlands and the East are currently increasing at 5 per cent per year, while a 1-2 per cent decrease is forecast for London in 2017.

>> Original article: Relocate Global

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