THE average house price in Northern Ireland has grown by 5.7 per cent to reach an average of £185,009 despite a rise in interest rates, a new report has revealed.
That left the North with the strongest annual growth of 12 UK regions, according to research from lender Halifax.
Across the UK as a whole, annual house price growth stood at 2.1 per cent in February for the third month in a row, Halifax said.
It was news that came as no surprise to Enniskillen real estate agent Nick Finlay of Montgomery Finlay.
“People have come to terms with where rates are settling. We had a run of low-interest rates there but we are getting back to what it actually should be now and what it will be for the next few months,” he said.
“Interest rates going up will mean home buyers will have to reevaluate what their top line is. People are still coming to terms with the interest rate rise and adapting to it.
“Some may be hoping that house prices will fall, but that’s not going to be the case. They’re going to remain at this level.
“The new builds market is moving again too after a few quiet months, which is positive.”
Mortgage rates jumped last autumn following September’s mini-budget, and the mortgage market later showed signs of settling. Bank of England base rate rises have also been putting upward pressure on borrowing costs.
Kim Kinnaird, director of Halifax Mortgages, said UK house prices were now down on their peak in August but added: “Recent reductions in mortgage rates, improving consumer confidence, and a continuing resilience in the labour market are arguably helping to stabilise prices following the falls seen in November and December.”
To read more.. Subscribe to current edition
Receive quality journalism wherever you are, on any device. Keep up to date from the comfort of your own home with a digital subscription.
Any time | Any place | Anywhere