NI house price rises highest in UK

House price rises in NI were the highest in the UK, a report by Nationwide shows, while buyers brace for stamp duty relief expiring in April.

In this article we cover:

• House price rises in NI
• Average house price in NI
• Why detached homes sell for more than other types of dwellings
• Stamp duty hikes coming into force in April 2025 for NI
• What stamp duty you pay on land being transferred in your name

NI was the best performing area of the UK for the second year running with prices up 7.1 per cent over the year, according to the Nationwide House Price Index.

The NI average house price in 2024 was £197,696, ahead of just Scotland and the North region; the average UK wide was £268,518.

The report also highlighted detached homes have continued to have a slight edge over other property types, most likely due to the ‘race for space’ seen during the pandemic.

Since the first quarter of 2020, the price of an average detached property increased by nearly 27 per cent, while flats have only risen around 15 per cent.

UK house prices in general ended 2024 on a strong footing, up 4.7 per cent compared with December 2023, though prices were still just below the all-time high recorded in summer 2022.

Stamp duty hikes for NI

First time buyers will have to pay more stamp duty from April 2025 in NI. First time buyers currently benefit from paying no stamp duty on house valuations up to £425,000.

From March 31, this threshold will shrink back to £300,000, the level it was at two years ago. The change is expected to have an impact on the property market with buyers keen to close sales before the hike kicks in.

There is no stamp duty payable if you’re given land (or property) as a gift, or as part of a will, as long as there’s no outstanding mortgage on it. You’ll pay Stamp Duty Land Tax if you take over some or all of an existing mortgage and the value of the mortgage is over the threshold.

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