House prices in Northern Ireland eased back at the start of this year as rising interest rates and still-high inflation further dented household incomes.
The market posted its second consecutive quarterly decline in the first quarter of 2023 to leave the average price of a home in the province at £172,005, according to the Residential Property Price Index, down 1.8% on the last quarter of 2022, and solidifying concerns that affordability is beginning to be stretched.
However, on an annual basis, prices are still 5% higher than the same period last year and the continued lack of supply of new stock – either new build homes or existing housing stock – mean the market remains well supported.
