Average NI house price reaches 17-year high

Official data shows that the average house price in Northern Ireland increased by 9% in 2024. This growth reflects a significant change in the real estate market, impacting both local residents and potential homebuyers.

Specifically, the average house price in the fourth quarter of 2023 was slightly above £168,000, while by the fourth quarter of 2024, this figure had risen to just over £183,000. These figures from the Northern Ireland Statistics and Research Agency (Nisra) cover almost all house sales, including cash transactions.

Notably, this is the highest average house price since the real estate bubble burst in early 2008. The average house price at the end of 2024 varied by region, ranging from £161,000 in Mid and East Antrim to £218,000 in Lisburn and Castlereagh. The number of house sales saw a slight increase, reaching just over 23,000 properties.

One possible factor contributing to the rise in house prices in Northern Ireland is the insufficient supply of new homes. Construction plans for approximately 19,000 homes have been hampered due to restrictions on new connections from an underfunded water supply system, affecting construction activity in 23 towns. New official data on housing supply is expected to be released on Thursday.