The latest Northern Ireland Quarterly House Price Index published by Ulster University indicates that the local residential property market has continued to perform steadily during the first quarter of 2026, despite ongoing economic pressures and affordability concerns.
The report, prepared in partnership with the Northern Ireland Housing Executive and Progressive Building Society, recorded an average property price of £224,607 for Q1 2026. This represents quarterly growth of 1.2% and annual growth of 5.2%, reflecting continued confidence amongst buyers and sellers across the market.
A key feature of the current market remains affordability. The report notes that the vast majority of sales continue to take place below the £300,000 price point, highlighting sustained activity amongst first-time buyers and those purchasing mid-market homes.
Performance across property types varied during the quarter. Semi-detached properties experienced the strongest short-term growth, while detached homes continued to show solid annual increases in value. Apartment prices softened slightly, suggesting some moderation within that segment of the market.
Regional trends also differed across Northern Ireland. Areas such as Derry City & Strabane, Causeway Coast & Glens and Ards & North Down recorded notable increases in average prices during the quarter, while some districts experienced more modest movement.
From a conveyancing perspective, the report reflects a market that remains active and comparatively stable. Demand for residential property continues to be supported by improving borrowing conditions and sustained purchaser confidence, although supply constraints remain an ongoing issue in many areas.
Wider economic conditions will continue to influence the market throughout 2026 with an expectation that market conditions may become more cautious over the next few months and transaction activity softening if cost pressures persist.
However, the overall picture is still broadly positive with the recent protracted period of relative stability of the market, continued price growth and sustained transaction activity providing a sound foundation.
For those considering a move, remortgage or investment purchase, obtaining early legal advice remains an important step in ensuring transactions proceed as efficiently and smoothly as possible.
Please do not hesitate to contact Cherry Hill, Solicitor or the property team on 02891811538 should you have any property queries.
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