SOURCE: Land Registry House Price Statistics in N.I., Feb 2013 – Feb 2023.
To sum up the numbers in the above table, the average house price in Northern Ireland rose by £77,806 in the last decade – a staggering growth of 58%.
In 2021 alone, £1million was added to the UK’s housing market every single minute according to the Equity Release Council. The good news is that despite economic uncertainty casting a shadow over 2023, this latest Land Registry data shows that average house prices remain higher than they were a year ago.
Breakdown of house prices by property type
Owners of detached houses across Northern Ireland saw the biggest monetary and percentage rise in property prices in the 12 months leading up to February 2023. The average value of a detached home in the country now stands at £269,013 – a jump of 7.51% in one year from £249,518, providing £19,495 more equity.
Semi-detached homes in Northern Ireland enjoyed very similar increases of 7.45% over the year, taking them up to an average of £169,556. Terraced properties in Northern Ireland saw a rise of 5.8% in the last year, with the typical property now worth £122,136.
According to PropertyPal, Northern Ireland’s leading property portal, the average new-build property in the country is now worth £235,000. That’s an increase of 10.8% annually.
Most and least expensive places to buy a home in Northern Ireland
Of course, Northern Ireland offers a huge range of property types and values across its green lands, so let’s take a look at regional variances to break things down further.
According to PropertyPal, the highest average property prices in Northern Ireland are in Lisburn and Castlereagh. Their latest report – the Northern Ireland Housing Market Update for Q1 2023 – reveals that a typical home here will set you back £232,000.
This is followed by Ards and North Down where the average home was worth £231,300 in the first quarter of 2023. The region with the lowest average property value is in Londonderry and Strabane, where a typical home is worth £157,600.
Northern Ireland’s biggest house price increases by percentage
In percentage terms, homes in Armagh City, Banbridge and Craigavon saw the largest increases to their property prices, with an impressive 10.1% growth in the last 12 months. The average home there is now worth £173,600.
Causeway Coast & Glens saw the next largest percentage increase of its typical house prices, with a rise of 9.6% to £206,700.
Belfast saw the country’s third biggest rise in property prices, with the average home increasing by 9.3% to £210,500, according to the report.
The rises are great news for over-55s in the region considering equity release; Northern Ireland properties could provide a welcome source of financial support for homeowners.