Northern Ireland House Prices Reach 17-Year High
The average house price in Northern Ireland has reached a 17-year high, with an increase of 9% in 2024. This significant rise can be attributed to the limited new housing supply coming onto the market, which is being constrained by restrictions on water system connections. The data from Nisra highlights the pressing need for innovative solutions to address the housing shortage.
- The escalating house prices and restricted supply are creating a perfect storm in Northern Ireland's property market, potentially pricing out first-time buyers and exacerbating social inequality.
- How will the government balance its priorities between stimulating economic growth through infrastructure development and ensuring affordable housing options for low-income households?