Local House Prices Soar - Strongest Annual Growth Since 2007
House prices in Northern Ireland have experienced their strongest annual rate of growth since November 2007 official figures have shown.
A surge of growth levels by14.2% in February 2015 - which is almost double the UK’s 7.2% rise means that the average house price in Northern Ireland is now £152,000. Prices are still 43% lower than their 2007 pinnacle, but this swell in growth levels is widely viewed as anomaly as the shortage of available housing on the market has led to people almost panic buying property. This reflects similar property buying trends back in 2007, but this situation should soon rectify itself as banks will not support lending to those levels again.
The market should normalise by early 2016 as the period where house prices crashed is over, and confidence in the market calms, resulting in more sustainable house prices for the future.
The banks forecast that local house prices will rise by just under 6% this year before shifting to an average of 3% per annum between 2016 – 2020.
*Figures taken from Belfast Telegraph 15 April 2015