Homeowners looking to sell their properties in Northern Ireland have reason to celebrate as the region continues to lead UK house price growth at 8.6 per cent annually, according to Halifax data.
Northern Ireland's robust growth significantly outpaces other UK regions "once again", offering sellers in the province a particularly favourable market compared to the rest of the country.
This strong performance comes despite UK property prices dipping 0.4 per cent in May to an average of £296,648.
The monthly decline follows a 0.3 per cent rise in April, with annual growth slowing to 2.5 per cent from 3.2 per cent the previous month.
The typical home in Northern Ireland now costs £209,388, although it remains well below the UK average of £296,648.
Despite this price gap, the strong growth trajectory makes it an opportune time for Northern Ireland homeowners considering a sale.
In good news for sellers in Wales and Scotland, both nations demonstrated solid annual growth at 4.8 per cent, with average prices reaching £230,405 and £214,864, respectively.
House price growth in Northern Ireland, Wales, and Scotland all outpaced English regions.
Properties in Northern Ireland have seen an 8.6 per cent annual increase
GETTY IMAGES
Of the English regions, the North West and Yorkshire and the Humber showed the strongest performance, both recording 3.7 per cent annual growth.
Properties in these areas now average £240,823 and £213,983, respectively.
The area seeing the most "subdued" growth is London, which continues to lag with just 1.2 per cent annual price appreciation, despite maintaining its position as the UK's most expensive housing market.
The capital's average property price stands at £542,017, more than double Northern Ireland's average.
LATEST DEVELOPMENTS:
London continues to see subdued growth, with prices rising by just 1.2 per cent year-on-year
PA IMAGES
While Northern Ireland homeowners benefit from rapid price appreciation, London's sluggish growth reflects ongoing affordability pressures in the capital.
The disparity between regions underscores how Northern Ireland's market offers sellers particularly strong conditions, with prices rising at more than seven times the rate of London despite starting from a much lower base.
Head of mortgages at Halifax, Amanda Bryden, commented on the latest Halifax House Price Index.
She said: "Average UK house prices fell by 0.4 per cent in May, a drop of around £1,150 following a modest rise in April.
"Over the past 12 months, prices have grown by 2.5 per cent, adding just over £7,000 to the value of a typical home, which now stands at £296,648."
Amanda noted that the market has shown resilience despite obstacles, stating: "Affordability remains a challenge, with house prices still high relative to incomes.
"However, lower mortgage rates and steady wage growth have helped support buyer confidence."
Looking ahead, the expert suggested that the market's trajectory would depend on interest rate cuts and income growth trends.
In other property news, Britons hoping to boost their home's value have been advised to rethink the colour scheme.
According to an interior design expert, painting your walls a timeless colour could instantly add value to your property.
Most Read
