House prices in Northern Ireland are at record highs nationwide, but there are hints of a slowdown as mortgage rates decline.

Jun 30, 2022By fanu benks

According to Nationwide Building Society, price growth slowed from 11.2 percent in May to 10.7 percent in June.

The typical home price in the UK increased by 0.3 percent from May to June to £271,613.

The cost of a typical UK home increased to a new record high of £271,613, with average prices rising by nearly £26,000 over the previous year, according to Robert Gardner, chief economist at Nationwide.
There are hesitant indications of a slowdown, with surveyors reporting a reduction in new buyer inquiries and the number of mortgages approved for home purchases reverting to pre-pandemic levels in April.

Northen irland house Price
Northen irland house Price

"Despite the escalating pressure on household budgets from high inflation, which has already pushed consumer confidence to a record low, the property market has maintained a surprising degree of momentum.

Northen irland house Price
Northen irland house Price

A portion of the resiliency is probably due to the labor market's strength right now, where there are more job openings than jobless persons in recent months.

Meanwhile, according to Mr. Gardner, there are not a lot of properties for sale, which keeps pressure on housing prices to rise.
The market is anticipated to slow down even more as the strain on household finances grows in the upcoming quarters, with inflation anticipated to reach double digits by year's end.

Northen irland house Price
Northen irland house Price

Furthermore, it is anticipated that the Bank of England would increase interest rates further, which will also have a cooling effect on the market if mortgage rates follow suit.
Looking at statistics for the entire UK, Mr. Gardner claimed that in the three months leading up to June, the growth of house prices slowed in several locations.
According to Nationwide Building Society, the average property price in the second quarter of 2022 is as follows, followed by the annual price increase:

Northen irland house Price
Northen irland house Price
  • £159,283; 10.6 percent; North East

South West, £318,325, 14.7%

East Anglia, £289,024, 14.2%

Wales received £208,309, or 13.4%

North West, £213,888, 13.3%

  • £244,167, 11.8 percent, West Midlands
  • Yorkshire and the Humber, £205,714 (11.8%)
  • £234,828, 11.4 percent, East Midlands
  • £348,564 (11.1%) in the Outer South East

Northern Ireland received £181,550 (11.0%)

Outer Metropolitan, £433,558, 10%
Scotland received £181,422 and 9.5%

  • £540,399, 6.0 percent, London.

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