Statement in response to the latest House Price Index published by Nationwide Building Society

According to a recently published index from Nationwide Building Society, house prices across Northern Ireland have increased in the first three months of 2023.

Commenting on the findings, John Minnis, Company Director at leading local estate agent, John Minnis Estate Agents Ltd, said:

“Those hoping to sell their property might be buoyed by the latest news of rising house prices, however, it always pays to set realistic expectations and seek
expert advice.

“Northern Ireland’s housing market is made up of many local markets, meaning house values can vary area to area, sometimes on a street-by-street basis!  

“Of course, this is great news for home owners. Speaking to an estate agent is the best way to ensure your property goes on the market at a price that will
attract interest and result in a completed sale at the very best price.

“Our advice to those seeking to purchase property is to not be concerned. This increase in house prices may be at odds with the UK as a whole, but Northern Ireland remains one of the most affordable regions to buy property.

“The latest increase in Bank Rate levels had been forecast by many mortgage lenders, and it is hoped that inflation will fall throughout the rest of this year, which is good news, and lenders are already beginning to reduce their rates.

“Buyers can also benefit from an increased variety of mortgage products, meaning there are plenty of options available to help them progress up the property ladder.

“We have seen strong demand throughout the first months of this year and looking ahead, we hope that this confidence in the market continues. Our experienced team is always on hand, so whether you’re buying or selling your property John Minnis Estate Agents have the expertise to help.”