The average house price in Northern Ireland increased by 9% in 2024, reaching £183,000 in the final quarter, up from £168,000 a year earlier, according to new data from the Northern Ireland Statistics and Research Agency (NISRA). This marks the highest average price since early 2008, just after the collapse of a previous property price bubble.
Regional House Prices Vary Across Northern Ireland
Housing prices differed significantly across the region, with the lowest average price recorded in Mid and East Antrim at £161,000, while Lisburn and Castlereagh saw the highest prices at £218,000.
The number of property transactions also increased slightly, surpassing 23,000 sales in 2024, including cash deals.
Limited Housing Supply Driving Up Prices
A shortage of new housing supply has been a key driver of house price inflation in Northern Ireland. This is partly due to restrictions on new water connections, which have stalled construction projects in 23 towns. Plans for approximately 19,000 new homes remain on hold due to an underfunded water infrastructure, further constraining the market.
Future Housing Supply Data Expected Soon
New official figures on housing supply are set to be released on Thursday, providing further insights into the impact of supply constraints on Northern Ireland’s property market. With ongoing challenges in the housing and infrastructure sector, buyers and policymakers will be watching closely for potential solutions to address the demand-supply imbalance.
