Residential property prices rise
Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the House Price Index report for Quarter 3 2018.
The Index measures change in the price of residential property sold in Northern Ireland (NI). The Index uses stamp duty information on residential property sales recorded by HMRC. The NI House Price Index series is used as the NI component of the single official UK HPI and the statistics are comparable with other UK regions.
The NI House Price Index was awarded National Statistics Status on 18 September 2018.
Results for the most recent quarter (July - September 2018), which are provisional show that:
? Between Q2 (April - June) 2018 and Q3 (July - September) 2018 the house price index increased by 2.3%;
? Between Q3 2017 and Q3 2018 the house price index increased by 4.8%;
? 5,722 residential properties sold during Q3 2018 (this will be revised upwards next quarter due to late returns). The number of properties sold in Q2 2018 increased by 664 due to late returns;
? The house price index is now 21.7% higher than Q1 2015 (the reference period);
? Two of the eleven district council areas showed a slight decrease over the quarter; and
? Median house price is 4.8 times median annual gross full time earnings, figures based on Annual Survey of Hours and Earnings (published Oct 2018)
Local Government District Index and Prices
The table below shows the trends in the local district council property markets across NI.
The Index value for Q3 2018 for NI as a whole is 121.7 and ranges from 113.9 in Ards and North Down to 130.7 in Causeway Coast and Glens. The standardised price for NI as a whole is £135,060 and ranges from £116,368 in Armagh City, Banbridge and Craigavon to £161,215 in Lisburn and Castlereagh.
Detailed statistics on each council are shown below:
House Price Index and Standardised Price in each council area Q3 2018
A graphical representation of the residential property price index for each council can be viewed in the Detailed Statistics at:
https://www.finance-ni.gov.uk/articles/northern-ireland-house-price-index
Notes to Editors (i) The NI House Price Index is a quarterly index and will be published in February, May, August and November each year, around seven weeks after the end of each quarter.
(ii) The Northern Ireland House Price Index was awarded National Statistics status on 18th September 2018. National Statistics status means that official statistics meet the highest standards of trustworthiness, quality and public value.
All official statistics should comply with all aspects of the Code of Practice for Official Statistics. They are awarded National Statistics status following an assessment by the Authority’s regulatory arm. The Authority considers whether the statistics meet the highest standards of Code compliance, including the value they add to public decisions and debate.
(iii) The detailed statistics report is available at https://www.finance-ni.gov.uk/articles/northern-ireland-house-price-index and http://www.nisra.gov.uk/HousePriceIndex/hpi.html Further statistics by area and property type (detached, semi-detached, terraced, apartment) are available on the website.
(iv) Results for the fourth quarter of 2018 will be published on 13 February 2019.
(v) The contents of this report will be of interest to government policy makers, Members of the Legislative Assembly, the business community, property professionals, economic commentators, academics and members of the general public with an interest in the NI residential property market.
(vi) The statistics are based on property sales recorded by HMRC. Under statute all property transactions must be notified to HMRC for stamp duty purposes, excepting a small number of transfers which are exempt from duty (e.g. property transfer due to probate, divorce etc.).
(vii) The performance of the residential property market is measured using the price of a standardised property. A detailed paper on the methodology used is available on the LPS / NISRA websites at https://www.finance-ni.gov.uk/articles/about-northern-irelandhouse-price-index and http://www.nisra.gov.uk/HousePriceIndex/hpi.html
(viii) Users’ comments or any issues relating to the statistics are particularly welcomed and encouraged. Responses should be addressed to the Responsible Statistician: Mrs Ciara Cunningham E-mail: LPS.statisticsbranch@finance-ni.gov.uk
(ix) Media enquiries only to DoF Communications Office on 028 9081 6724 or 028 9081 6725. Out of office hours please contact the Duty Press Officer 028 9037 8110.
