East Antrim residential property prices increase

Land & Property Services (LPS), assisted by the Northern Ireland Statistics & Research Agency (NISRA), yesterday (Wednesday) released the House Price Index report for Quarter 3 (July - September 2020).

It shows the average price of a house in Mid and East Antrim is £130,296 and a quarterly change one of -0.6% and an annual change of 1.0%.

The standardised price of a house in Antrim and Newtownabbey is £148,047 with a quarterly change of 0.5% and an annual one of 2.4%

Measuring change in the price of residential property sold in Northern Ireland, the index uses Stamp Duty information on residential property sales recorded by HMRC.

The UK Government lockdown measures to stop the spread of Covid-19 essentially paused the housing market between 23 March and 15 June, LPS/NISRA stated. The number of transactions recorded in April – June 2020 was approximately one third of the initial number of sales recorded during April – June 2019.

LPS/NISRA said they are content the model used to predict the average price and index value is robust and the reduced number of sales did not adversely affect the quality of the price index calculations for the second quarter of 2020.

Results for the most recent quarter, which are provisional, show the average price for a house in Northern Ireland is £143,205 and ranges from £126,412 in Derry City and Strabane to £170,530 in Lisburn and Castlereagh. A total 4,630 residential properties sold during Q3 2020 (this number will be revised upwards in the next publication due to late returns and the entry of new properties into the NI Valuation List).

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