Lack of supply increases NI property prices by 4.4 per cent
17th October 2017
By Lauren Burns (Wilson Nesbitt)
Northern Ireland property prices increased by 4.4 per cent in the year to July according to a new report, with a lack of new houses being marketed for sale thought to be behind the increase.
The average property price in Northern Ireland is now £129,000 according to figures from the Office for National Statistics (ONS). Across the UK as a whole property prices increased by 5.1 per cent in the year to July, with the average house price reaching £226,000.
Former chairman of the Royal Institution of Chartered Surveyors, Jeremy Leaf, said that "strong buyer demand" is not behind the increase in property prices. He said that "the shortage of supply, historically low mortgage rates and relatively low unemployment ... are underpinning prices". Leaf called on the Government to "focus on addressing the housing crisis and makes good on its promise to build the thousands of new, affordable homes that people desperately need."
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