By the first quarter of 2025, house prices in Northern Ireland surged. The average at completion has now passed £185,000. This year’s total is a huge jump from last year’s £169,000. This reversal translates to a remarkable annual growth rate of almost 10%. The Causeway Coast and Glens area has been seeing an even more pronounced increase in the cost of property. They’ve risen by more than 15% each year and are now over £200,000.
The story is one of soaring property prices in every segment of the housing market in Northern Ireland. Although detached properties rose in value by an average of 8% year-on-year, terraced houses registered a dramatic 11% increase. Lisburn and Castlereagh has the highest average house price, £221,000. By comparison, Mid and East Antrim boasts the cheapest average price at just £165,000.
House prices in the Republic of Ireland have increased by 7.5% in the year to March. This increase is a testament to the comparable upward trend occurring right here. The median house price in Ireland has just reached €362,500, or £306,500. This sum is now 17% above the height of the property boom in 2007. On the whole, national property prices in Ireland are up 162% from their post-crash nadir in early 2013.
Recent decades have seen house prices explode. This increase is in part due to greater demand but even more so due to a reduced supply of properties on the market. According to recent reporting by market analysts, demographic shifts are having a historic effect on the housing market. They further argue that today’s economic conditions are making home buying extremely attractive.
In April, the Irish government changed the stamp duty threshold, lowering it from £250,000 to £125,000. This reform will fundamentally change the rules of the housing market game. For one, it will greatly improve access to home purchases for first-time buyers.
Northern Ireland has been facing the fastest growing house prices in the UK. As the market continues to evolve, stakeholders are keenly anticipating indications of either a return to stability or, alternatively, a further escalation. With house prices ever-increasing, that could soon lead to serious affordability issues. This increase trend reflects stronger confidence and optimism in the overall real estate market.
