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House Price Index - NI House Prices up 3.3% in Quarter 1 of 2019

Posted on Wednesday 26th February 2020

NI House Prices up 3.3% in Quarter 1 of 2019.

Northern Ireland remained the strongest performing home nation in Q1, although annual price growth softened to 3.3%, from 5.8% last quarter. Scotland saw a slight pick up in annual price growth to 2.4%, while Wales saw a marked slowing in growth to 0.9% (from 4.0% last quarter). Meanwhile, England recorded its first annual price fall since 2012, with prices down 0.7% compared with Q1 2018, driven by declines in the South East of England (see chart below).

housepricegraph.jpg#asset:131790

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:

“UK house price growth remained subdued in March, with prices just 0.7% higher than the same month last year. “Indicators of housing market activity, such as the number of property transactions and the number of mortgages approved for house purchase, have remained broadly stable in recent months, even though survey data suggests that sentiment has softened. “Measures of consumer confidence weakened around the turn of the year and surveyors report that new buyer enquiries have continued to decline, falling to their lowest level since 2008 in February. “While the number of properties coming onto the market has also slowed, this doesn’t appear to have been enough to prevent a modest shift in the balance of demand and supply in favour of buyers in recent months.



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