Prices for HOUSES in Northern Ireland are 14.3% higher than last year, according to a new index from Nationwide.
The building company valued the average price paid for a house here in the third quarter of 2021 at £ 167,103, which is a 2% increase from the second quarter.
The index, which is based on Nationwide’s own lending data, identified Northern Ireland as the best performing UK region alongside Wales for the July-September period.
Real estate insiders say the market here has remained strong over the summer despite the end of the stamp duty holiday.
HMRC recorded 2,780 residential real estate transactions in the north in August, 290 more than in July.
The initial phase of the vacation ended on June 30, with a downturn ending yesterday (September 30).
From October 1, anyone who is not a first-time buyer will be required to pay a 2% stamp duty on any part of the purchase price between £ 125,000 and £ 250,000.
First-time buyers will remain exempt from stamp duty on properties valued up to £ 300,000 and will only pay 5% on transactions between £ 300,001 and £ 500,000.
Janet Williamson, of Belfast law firm O’Reilly Stewart Solicitors, said the volume of transactions handled by her real estate team suggests activity in the housing market will remain strong over the coming months.
The director said the company’s workload has increased by 50% in recent months as part of a push to close deals before the stamp duty deadline.
“The business has been high because people are trying to save as much as possible before the stamp duty holidays are over. In the last few days before the stamp duty holiday ends, we have almost 30 home completions in a week, which is unprecedented for this time of year.
“What is remarkable is that we do not see any decline in the new levels of transfer of instructions after the end of the stamp duty holiday,” said Ms. Williamson.
“The planned completion levels are very significant over the next seven or eight weeks.
“This suggests that the stamp duty holiday, while undoubtedly having supported the market, has had less of a direct impact than initially thought on market conditions, and that the market in general should remain dynamic at least in the short term. “