Acceptable in the 80s

Towards the end of 2024, the Ulster University published its 40^th Northern Ireland Quarterly House Price Index in partnership with the Northern Ireland Housing Executive and Progressive Building Society. With the first report being published forty years ago in 1984, we take a look at how the property landscape in Northern Ireland has changed since then.

Price

The first, and most obvious change, has been the increase in property prices. In 1984, the average property price was £26,664 compared to £211,225 in 2024. Northern Ireland property prices are still one of the lowest in the UK, but we are gaining on Great Britain as demand continues to be high. In the post-Covid era, hybrid working & remote working continue to be popular meaning a lot of people who had moved to work in England are returning home, as they can get more bang for the buck here whilst working remotely.

Type of property

In 2024, apartments made up 11% of the property market, compared to 1% in 1984! Gone are the high-rise flats and now we are seeing sophisticated, communal living that would rival many apartment blocks in London. When purchasing an apartment, there are additional things to consider, all of which your solicitor will be able to advise you on. The main things to bear in mind are the additional management costs (including service charges) and the issues that can sometimes arise when living in close proximity to others.

SDLT

SDLT was introduced in Part 4 of the Finance Act 2003 to replace the former stamp duty. Since then, there have been a number of changes to SDLT. The most recent change brought in by the Autumn Budget 2024 will increase SDLT on purchases of additional residential properties by individuals and companies from 3% to 5% above the standard residential rates of SDLT.

The measure also increases the single rate of SDLT payable by companies and other non-natural persons when purchasing residential properties worth more than £500,000, from 15% to 17%.

Registration

Compulsory First Registration in Northern Ireland took effect from 2003 onwards. This means that for all sales for value, the title must be registered with the Land Registry if it is not already. The hope is that we will one day be able to access all title electronically, rather than having to review huge bundles of title deeds.

Communication

We now live in a world where communication can be instant. Yes, we are one of the few professions who still write letters, but the main mode of communication is now email. Most mortgage documentation is accessible via an online portal and post completion formalities such as registration and SDLT return can be attended to online. This has therefore streamlined the conveyancing process, hopefully making the whole process less stressful and more seamless for you.

The full Northern Ireland Quarterly House Price Index can be found here - Northern Ireland House Price Index

If you would like further information, please contact Emma Stephenson or another member of the Real Estate team.

*This information is for guidance purposes only and does not constitute, nor should be regarded, as a substitute for taking legal advice that is tailored to your circumstances.