DUBLIN: The average price of a home in Northern Ireland dropped to £148,499 (€164,183) in the second quarter of the year – a fall of 3.7 per cent year on year – according to a new report from Ulster University. But the number of people buying homes rose to the highest level since the property crash a decade ago, the latest Quarterly House Price Index report. A total of 2,372 properties were sold in the second quarter, with just under a third sold at £100,000 or below. The latest index, produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society, estimates that about 60 per cent of home loans in each of the four quarters up to March of this year were to first-time buyers.
The report suggests that a number of factors could be to blame for the recent decline in property values. But it highlights the impact of wider macroeconomic and political factors – uncertainty surrounding the Brexit process; the outcome of the UK general election; and the absence of a Northern Ireland Executive – all had a part to play in driving down local house prices.