The average house price in Northern Ireland fell by 1.8 per cent to £180,668 in the third quarter of 2023
6th October 2023
Northern Ireland was named as the strongest performer, with percentage price falls there being more modest than elsewhere in the UK.
The average house price in Northern Ireland fell by 1.8 per cent in the third quarter of this year compared with a year earlier.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics said: "Affordability should begin to improve over the coming months, as mortgage rates respond to the recent decline in expectations for (the Bank of England base rate), and as wages continue to rise, albeit not at their recent frenetic pace.
"The pick-up in rents also will increase the share of income that (first-time buyers) are willing to devote to housing. Accordingly, the downturn in house prices probably has only a few months left to run."
Tom Bill, head of UK residential research at Knight Frank, said: "The number of people rolling off more favourable fixed-rate mortgages won't fall in 2024, but sentiment should improve as volatility reduces. We think most of the UK's house price correction will happen this year and modest single-digit annual growth will return after the next general election."