Belfast is the capital and largest city of Northern Ireland, a council district of about 352,000 people at the head of Belfast Lough where the River Lagan meets the sea, covered by the BT1 to BT17 postcodes. The average Belfast house sold for £185,000 on the latest quarterly reading, up 7.7% on the year. That price makes the capital the second-cheapest of Northern Ireland's eleven council districts. It also leaves Belfast 8.2% below its own July 2007 high of £201,368.
Cheap on price does not mean quiet. Belfast leads the region on rent, sales, private renting and population. Its average private rent of £1,134 a month is £185 clear of the next-highest district. On sales, 4,813 homes changed hands in 2025, against 3,072 in the runner-up. And 20.5% of households rent from a private landlord, the largest share in Northern Ireland.
Northern Ireland does not publish postcode-level sold prices, rents or yields. The price index and sales figures are for the Belfast council district. The ONS rent figures are advertised new lets for the Belfast Broad Rental Market Area. The Housing Executive's weekly rents cover its own Belfast area, BT1 to BT16. Because those three sets of figures cover different areas and measures, no yield can be built from them.
Article updated: September 2026
Why Investors Look at Belfast
Belfast houses 352,390 people, has the youngest median age in Northern Ireland at 36.4, and recorded 4,813 verified sales in 2025, more than any other district. Those three numbers explain most of the interest: a big pool of people, a young one, and a market where nearly 5,000 homes a year change hands.
The jobs base is broader than the shipyard image suggests. The city council's inward-investment arm, Invest in Belfast, names five sectors it leads on: advanced manufacturing and engineering, digital and creative industries, fintech and financial services, hospitality and tourism, and life and health sciences. Belfast Harbour handled 24.3 million tonnes of goods in 2025 and describes itself as the UK's ninth-largest port by volume. The city is also home to Queen's University Belfast and Ulster University's Belfast campus.
Density matters too. At 2,650 people per square kilometre, Belfast is a tightly built city, and the housing that goes with that is terraced and semi-detached rather than detached. Only 12.3% of Belfast homes were detached at the 2021 Census, against 36.8% terraced.
Regeneration and Investment in Belfast
The Belfast Region City Deal, signed in December 2021, commits more than £850 million from central government and the partner councils, universities and colleges to the wider Belfast region. Below it sit two schemes in the city itself with money committed.
- Belfast Region City Deal (Signed December 2021, more than £850 million): A funding package from the UK and Northern Ireland governments, Belfast City Council, five partner councils, two universities and four further education colleges. The package spends across innovation and digital, tourism and regeneration, infrastructure, and employability and skills. For a Belfast landlord it is committed public money rather than a plan, and the Belfast Stories project below is one of the pieces it pays for. Updates at Belfast City Council.
- Belfast Stories (Funded, more than £100 million): A visitor attraction planned close to the Cathedral Quarter. The plan is for it to tell the city's story through the people who have lived in and visited it. The City Deal funds £65 million of it. The same city centre is where the council's Accelerating City Centre Living programme has identified capacity for more than 1,400 new homes. Updates at Belfast Region City Deal.
- Weavers Cross and Grand Central Station (£340 million station): Translink's £340 million Grand Central Station anchors Weavers Cross. Around the station, the developers set out potential for 1.5 million square feet of commercial and residential development. That includes a 635,000 square foot innovation campus. The station is the £340 million piece; the housing and workplaces around it are planned capacity at the point where the region's trains and buses arrive. Updates at Weavers Cross.
House Prices in Belfast
The average Belfast house price was £185,000 for April to June 2026, up 7.7% on the same quarter of 2025, on the Northern Ireland House Price Index. That index is a standardised sold-price measure, so it tracks what the same kind of home costs from one quarter to the next rather than being swayed by which homes happened to sell. The standardised price for the quarter was £184,768, within a few hundred pounds of the headline, and it is published quarterly by the Department of Finance with the local summary on the ONS housing page for Belfast.
The standardised price moved from £169,319 in the final quarter of 2024 to £184,768 by the second quarter of 2026, a rise of 9.1% in eighteen months. Annual growth ran at 10.5% in December 2024, 5.6% in December 2025 and 7.7% on the latest reading.
The Belfast Price Cycle, 2005 to 2026
Belfast prices hit their all-time high in July 2007, fell 58.9% to a low in January 2013, and in July 2026 were still 8.2% below that peak. Both the boom and the crash are still visible in the current price.
The 2005 to 2007 boom: The average stood at £110,309 in December 2005. Twelve months later it was £161,123, a 46.1% rise in a single year. The market topped out at £201,368 in July 2007, the all-time high, and it has never been back.
2008 to 2013, the long fall: Prices fell 31.4% in the year to October 2008, the worst annual reading in the series, and kept falling for another four years. The average was £126,849 in December 2008, £106,795 in December 2010 and £85,242 in December 2012. The floor came in January 2013 at £82,847, which is 58.9% below the July 2007 peak.
2013 to 2019, the slow climb back: Growth returned in 2013 at 5.7% and ran at 9.9% in 2014, then settled into single digits. The average reached £112,262 in December 2016 and £124,622 in December 2019, when annual growth had slowed to 0.5%.
2020 to 2026, the second run: The pandemic years lifted Belfast too. Prices went from £133,020 in December 2020 to £151,785 in December 2022, paused at 1.0% growth in 2023, then jumped 10.5% in 2024 to £169,319. December 2025 stood at £178,802. By July 2026 the Land Registry figure had reached £184,768, up 7.7% on the year.
The Northern Ireland index is quarterly, so each July figure in the growth summary is that year's July to September value. The exception is July 2026, which repeats the latest quarter, April to June.
Long-term growth summary:
- 5 years (July 2021 to July 2026): 30.3% growth (£141,823 to £184,768)
- 10 years (July 2016 to July 2026): 65.0% growth (£111,957 to £184,768)
- 15 years (July 2011 to July 2026): 84.8% growth (£100,009 to £184,768)
- From the January 2013 low: 123.0% growth (£82,847 to £184,768)
- From December 2005: 67.5% growth (£110,309 to £184,768)
Two things stand out. The £184,768 average of July 2026 is more than double the 2013 floor, so the index has risen 123% from the floor. And it is still 8.2% below July 2007, so nineteen years on the index has not got back to where it stood. Belfast has strong growth since 2013 and a pre-crash high that has not yet been recovered, at the same time. The Northern Ireland index is quarterly, so the monthly rows in the two charts below repeat each quarter's value.
The first chart is the full average-price series from 2005 to July 2026. It shows the spike to £201,368 in the summer of 2007 and the fall to £82,847 in January 2013. Since that low, the line has climbed steadily.
Source: HM Land Registry House Price Index
| Year | All property types |
|---|---|
| 2005-01 | £99,462 |
| 2005-02 | £99,462 |
| 2005-03 | £99,462 |
| 2005-04 | £100,209 |
| 2005-05 | £100,209 |
| 2005-06 | £100,209 |
| 2005-07 | £109,200 |
| 2005-08 | £109,200 |
| 2005-09 | £109,200 |
| 2005-10 | £110,309 |
| 2005-11 | £110,309 |
| 2005-12 | £110,309 |
| 2006-01 | £111,901 |
| 2006-02 | £111,901 |
| 2006-03 | £111,901 |
| 2006-04 | £126,613 |
| 2006-05 | £126,613 |
| 2006-06 | £126,613 |
| 2006-07 | £142,578 |
| 2006-08 | £142,578 |
| 2006-09 | £142,578 |
| 2006-10 | £161,123 |
| 2006-11 | £161,123 |
| 2006-12 | £161,123 |
| 2007-01 | £175,792 |
| 2007-02 | £175,792 |
| 2007-03 | £175,792 |
| 2007-04 | £192,571 |
| 2007-05 | £192,571 |
| 2007-06 | £192,571 |
| 2007-07 | £201,368 |
| 2007-08 | £201,368 |
| 2007-09 | £201,368 |
| 2007-10 | £184,911 |
| 2007-11 | £184,911 |
| 2007-12 | £184,911 |
| 2008-01 | £167,298 |
| 2008-02 | £167,298 |
| 2008-03 | £167,298 |
| 2008-04 | £158,769 |
| 2008-05 | £158,769 |
| 2008-06 | £158,769 |
| 2008-07 | £148,673 |
| 2008-08 | £148,673 |
| 2008-09 | £148,673 |
| 2008-10 | £126,849 |
| 2008-11 | £126,849 |
| 2008-12 | £126,849 |
| 2009-01 | £120,278 |
| 2009-02 | £120,278 |
| 2009-03 | £120,278 |
| 2009-04 | £126,514 |
| 2009-05 | £126,514 |
| 2009-06 | £126,514 |
| 2009-07 | £128,951 |
| 2009-08 | £128,951 |
| 2009-09 | £128,951 |
| 2009-10 | £126,931 |
| 2009-11 | £126,931 |
| 2009-12 | £126,931 |
| 2010-01 | £121,149 |
| 2010-02 | £121,149 |
| 2010-03 | £121,149 |
| 2010-04 | £119,520 |
| 2010-05 | £119,520 |
| 2010-06 | £119,520 |
| 2010-07 | £115,719 |
| 2010-08 | £115,719 |
| 2010-09 | £115,719 |
| 2010-10 | £106,795 |
| 2010-11 | £106,795 |
| 2010-12 | £106,795 |
| 2011-01 | £100,857 |
| 2011-02 | £100,857 |
| 2011-03 | £100,857 |
| 2011-04 | £101,168 |
| 2011-05 | £101,168 |
| 2011-06 | £101,168 |
| 2011-07 | £100,009 |
| 2011-08 | £100,009 |
| 2011-09 | £100,009 |
| 2011-10 | £96,769 |
| 2011-11 | £96,769 |
| 2011-12 | £96,769 |
| 2012-01 | £88,174 |
| 2012-02 | £88,174 |
| 2012-03 | £88,174 |
| 2012-04 | £89,830 |
| 2012-05 | £89,830 |
| 2012-06 | £89,830 |
| 2012-07 | £88,415 |
| 2012-08 | £88,415 |
| 2012-09 | £88,415 |
| 2012-10 | £85,242 |
| 2012-11 | £85,242 |
| 2012-12 | £85,242 |
| 2013-01 | £82,847 |
| 2013-02 | £82,847 |
| 2013-03 | £82,847 |
| 2013-04 | £85,459 |
| 2013-05 | £85,459 |
| 2013-06 | £85,459 |
| 2013-07 | £88,418 |
| 2013-08 | £88,418 |
| 2013-09 | £88,418 |
| 2013-10 | £90,114 |
| 2013-11 | £90,114 |
| 2013-12 | £90,114 |
| 2014-01 | £90,702 |
| 2014-02 | £90,702 |
| 2014-03 | £90,702 |
| 2014-04 | £95,102 |
| 2014-05 | £95,102 |
| 2014-06 | £95,102 |
| 2014-07 | £97,479 |
| 2014-08 | £97,479 |
| 2014-09 | £97,479 |
| 2014-10 | £99,057 |
| 2014-11 | £99,057 |
| 2014-12 | £99,057 |
| 2015-01 | £99,621 |
| 2015-02 | £99,621 |
| 2015-03 | £99,621 |
| 2015-04 | £102,113 |
| 2015-05 | £102,113 |
| 2015-06 | £102,113 |
| 2015-07 | £106,369 |
| 2015-08 | £106,369 |
| 2015-09 | £106,369 |
| 2015-10 | £106,529 |
| 2015-11 | £106,529 |
| 2015-12 | £106,529 |
| 2016-01 | £104,613 |
| 2016-02 | £104,613 |
| 2016-03 | £104,613 |
| 2016-04 | £112,366 |
| 2016-05 | £112,366 |
| 2016-06 | £112,366 |
| 2016-07 | £111,957 |
| 2016-08 | £111,957 |
| 2016-09 | £111,957 |
| 2016-10 | £112,262 |
| 2016-11 | £112,262 |
| 2016-12 | £112,262 |
| 2017-01 | £110,359 |
| 2017-02 | £110,359 |
| 2017-03 | £110,359 |
| 2017-04 | £113,149 |
| 2017-05 | £113,149 |
| 2017-06 | £113,149 |
| 2017-07 | £115,554 |
| 2017-08 | £115,554 |
| 2017-09 | £115,554 |
| 2017-10 | £114,975 |
| 2017-11 | £114,975 |
| 2017-12 | £114,975 |
| 2018-01 | £115,963 |
| 2018-02 | £115,963 |
| 2018-03 | £115,963 |
| 2018-04 | £118,148 |
| 2018-05 | £118,148 |
| 2018-06 | £118,148 |
| 2018-07 | £121,513 |
| 2018-08 | £121,513 |
| 2018-09 | £121,513 |
| 2018-10 | £124,027 |
| 2018-11 | £124,027 |
| 2018-12 | £124,027 |
| 2019-01 | £121,398 |
| 2019-02 | £121,398 |
| 2019-03 | £121,398 |
| 2019-04 | £122,559 |
| 2019-05 | £122,559 |
| 2019-06 | £122,559 |
| 2019-07 | £126,056 |
| 2019-08 | £126,056 |
| 2019-09 | £126,056 |
| 2019-10 | £124,622 |
| 2019-11 | £124,622 |
| 2019-12 | £124,622 |
| 2020-01 | £126,664 |
| 2020-02 | £126,664 |
| 2020-03 | £126,664 |
| 2020-04 | £127,832 |
| 2020-05 | £127,832 |
| 2020-06 | £127,832 |
| 2020-07 | £129,244 |
| 2020-08 | £129,244 |
| 2020-09 | £129,244 |
| 2020-10 | £133,020 |
| 2020-11 | £133,020 |
| 2020-12 | £133,020 |
| 2021-01 | £134,746 |
| 2021-02 | £134,746 |
| 2021-03 | £134,746 |
| 2021-04 | £138,034 |
| 2021-05 | £138,034 |
| 2021-06 | £138,034 |
| 2021-07 | £141,823 |
| 2021-08 | £141,823 |
| 2021-09 | £141,823 |
| 2021-10 | £139,649 |
| 2021-11 | £139,649 |
| 2021-12 | £139,649 |
| 2022-01 | £143,891 |
| 2022-02 | £143,891 |
| 2022-03 | £143,891 |
| 2022-04 | £147,392 |
| 2022-05 | £147,392 |
| 2022-06 | £147,392 |
| 2022-07 | £154,405 |
| 2022-08 | £154,405 |
| 2022-09 | £154,405 |
| 2022-10 | £151,785 |
| 2022-11 | £151,785 |
| 2022-12 | £151,785 |
| 2023-01 | £149,391 |
| 2023-02 | £149,391 |
| 2023-03 | £149,391 |
| 2023-04 | £148,990 |
| 2023-05 | £148,990 |
| 2023-06 | £148,990 |
| 2023-07 | £156,540 |
| 2023-08 | £156,540 |
| 2023-09 | £156,540 |
| 2023-10 | £153,230 |
| 2023-11 | £153,230 |
| 2023-12 | £153,230 |
| 2024-01 | £154,921 |
| 2024-02 | £154,921 |
| 2024-03 | £154,921 |
| 2024-04 | £158,406 |
| 2024-05 | £158,406 |
| 2024-06 | £158,406 |
| 2024-07 | £167,277 |
| 2024-08 | £167,277 |
| 2024-09 | £167,277 |
| 2024-10 | £169,319 |
| 2024-11 | £169,319 |
| 2024-12 | £169,319 |
| 2025-01 | £170,049 |
| 2025-02 | £170,049 |
| 2025-03 | £170,049 |
| 2025-04 | £171,606 |
| 2025-05 | £171,606 |
| 2025-06 | £171,606 |
| 2025-07 | £177,759 |
| 2025-08 | £177,759 |
| 2025-09 | £177,759 |
| 2025-10 | £178,802 |
| 2025-11 | £178,802 |
| 2025-12 | £178,802 |
| 2026-01 | £181,424 |
| 2026-02 | £181,424 |
| 2026-03 | £181,424 |
| 2026-04 | £184,768 |
| 2026-05 | £184,768 |
| 2026-06 | £184,768 |
| 2026-07 | £184,768 |
The second chart is the annual rate of change over the same period. It shows how violent the swing was. At the 2007 peak, prices were growing at more than 40% a year. In the year to October 2008, they fell 31.4%. Prices fell in four of the five years to 2012. After those falls came a decade of mostly single-digit gains, with a 10.5% jump in 2024.
Source: HM Land Registry House Price Index
| Year | All property types |
|---|---|
| 2006-01 | +12.5% |
| 2006-02 | +12.5% |
| 2006-03 | +12.5% |
| 2006-04 | +26.3% |
| 2006-05 | +26.3% |
| 2006-06 | +26.3% |
| 2006-07 | +30.6% |
| 2006-08 | +30.6% |
| 2006-09 | +30.6% |
| 2006-10 | +46.1% |
| 2006-11 | +46.1% |
| 2006-12 | +46.1% |
| 2007-01 | +57.1% |
| 2007-02 | +57.1% |
| 2007-03 | +57.1% |
| 2007-04 | +52.1% |
| 2007-05 | +52.1% |
| 2007-06 | +52.1% |
| 2007-07 | +41.2% |
| 2007-08 | +41.2% |
| 2007-09 | +41.2% |
| 2007-10 | +14.8% |
| 2007-11 | +14.8% |
| 2007-12 | +14.8% |
| 2008-01 | -4.8% |
| 2008-02 | -4.8% |
| 2008-03 | -4.8% |
| 2008-04 | -17.6% |
| 2008-05 | -17.6% |
| 2008-06 | -17.6% |
| 2008-07 | -26.2% |
| 2008-08 | -26.2% |
| 2008-09 | -26.2% |
| 2008-10 | -31.4% |
| 2008-11 | -31.4% |
| 2008-12 | -31.4% |
| 2009-01 | -28.1% |
| 2009-02 | -28.1% |
| 2009-03 | -28.1% |
| 2009-04 | -20.3% |
| 2009-05 | -20.3% |
| 2009-06 | -20.3% |
| 2009-07 | -13.3% |
| 2009-08 | -13.3% |
| 2009-09 | -13.3% |
| 2009-10 | +0.1% |
| 2009-11 | +0.1% |
| 2009-12 | +0.1% |
| 2010-01 | +0.7% |
| 2010-02 | +0.7% |
| 2010-03 | +0.7% |
| 2010-04 | -5.5% |
| 2010-05 | -5.5% |
| 2010-06 | -5.5% |
| 2010-07 | -10.3% |
| 2010-08 | -10.3% |
| 2010-09 | -10.3% |
| 2010-10 | -15.9% |
| 2010-11 | -15.9% |
| 2010-12 | -15.9% |
| 2011-01 | -16.8% |
| 2011-02 | -16.8% |
| 2011-03 | -16.8% |
| 2011-04 | -15.4% |
| 2011-05 | -15.4% |
| 2011-06 | -15.4% |
| 2011-07 | -13.6% |
| 2011-08 | -13.6% |
| 2011-09 | -13.6% |
| 2011-10 | -9.4% |
| 2011-11 | -9.4% |
| 2011-12 | -9.4% |
| 2012-01 | -12.6% |
| 2012-02 | -12.6% |
| 2012-03 | -12.6% |
| 2012-04 | -11.2% |
| 2012-05 | -11.2% |
| 2012-06 | -11.2% |
| 2012-07 | -11.6% |
| 2012-08 | -11.6% |
| 2012-09 | -11.6% |
| 2012-10 | -11.9% |
| 2012-11 | -11.9% |
| 2012-12 | -11.9% |
| 2013-01 | -6.0% |
| 2013-02 | -6.0% |
| 2013-03 | -6.0% |
| 2013-04 | -4.9% |
| 2013-05 | -4.9% |
| 2013-06 | -4.9% |
| 2013-07 | 0.0% |
| 2013-08 | 0.0% |
| 2013-09 | 0.0% |
| 2013-10 | +5.7% |
| 2013-11 | +5.7% |
| 2013-12 | +5.7% |
| 2014-01 | +9.5% |
| 2014-02 | +9.5% |
| 2014-03 | +9.5% |
| 2014-04 | +11.3% |
| 2014-05 | +11.3% |
| 2014-06 | +11.3% |
| 2014-07 | +10.2% |
| 2014-08 | +10.2% |
| 2014-09 | +10.2% |
| 2014-10 | +9.9% |
| 2014-11 | +9.9% |
| 2014-12 | +9.9% |
| 2015-01 | +9.8% |
| 2015-02 | +9.8% |
| 2015-03 | +9.8% |
| 2015-04 | +7.4% |
| 2015-05 | +7.4% |
| 2015-06 | +7.4% |
| 2015-07 | +9.1% |
| 2015-08 | +9.1% |
| 2015-09 | +9.1% |
| 2015-10 | +7.5% |
| 2015-11 | +7.5% |
| 2015-12 | +7.5% |
| 2016-01 | +5.0% |
| 2016-02 | +5.0% |
| 2016-03 | +5.0% |
| 2016-04 | +10.0% |
| 2016-05 | +10.0% |
| 2016-06 | +10.0% |
| 2016-07 | +5.3% |
| 2016-08 | +5.3% |
| 2016-09 | +5.3% |
| 2016-10 | +5.4% |
| 2016-11 | +5.4% |
| 2016-12 | +5.4% |
| 2017-01 | +5.5% |
| 2017-02 | +5.5% |
| 2017-03 | +5.5% |
| 2017-04 | +0.7% |
| 2017-05 | +0.7% |
| 2017-06 | +0.7% |
| 2017-07 | +3.2% |
| 2017-08 | +3.2% |
| 2017-09 | +3.2% |
| 2017-10 | +2.4% |
| 2017-11 | +2.4% |
| 2017-12 | +2.4% |
| 2018-01 | +5.1% |
| 2018-02 | +5.1% |
| 2018-03 | +5.1% |
| 2018-04 | +4.4% |
| 2018-05 | +4.4% |
| 2018-06 | +4.4% |
| 2018-07 | +5.2% |
| 2018-08 | +5.2% |
| 2018-09 | +5.2% |
| 2018-10 | +7.9% |
| 2018-11 | +7.9% |
| 2018-12 | +7.9% |
| 2019-01 | +4.7% |
| 2019-02 | +4.7% |
| 2019-03 | +4.7% |
| 2019-04 | +3.7% |
| 2019-05 | +3.7% |
| 2019-06 | +3.7% |
| 2019-07 | +3.7% |
| 2019-08 | +3.7% |
| 2019-09 | +3.7% |
| 2019-10 | +0.5% |
| 2019-11 | +0.5% |
| 2019-12 | +0.5% |
| 2020-01 | +4.3% |
| 2020-02 | +4.3% |
| 2020-03 | +4.3% |
| 2020-04 | +4.3% |
| 2020-05 | +4.3% |
| 2020-06 | +4.3% |
| 2020-07 | +2.5% |
| 2020-08 | +2.5% |
| 2020-09 | +2.5% |
| 2020-10 | +6.7% |
| 2020-11 | +6.7% |
| 2020-12 | +6.7% |
| 2021-01 | +6.4% |
| 2021-02 | +6.4% |
| 2021-03 | +6.4% |
| 2021-04 | +8.0% |
| 2021-05 | +8.0% |
| 2021-06 | +8.0% |
| 2021-07 | +9.7% |
| 2021-08 | +9.7% |
| 2021-09 | +9.7% |
| 2021-10 | +5.0% |
| 2021-11 | +5.0% |
| 2021-12 | +5.0% |
| 2022-01 | +6.8% |
| 2022-02 | +6.8% |
| 2022-03 | +6.8% |
| 2022-04 | +6.8% |
| 2022-05 | +6.8% |
| 2022-06 | +6.8% |
| 2022-07 | +8.9% |
| 2022-08 | +8.9% |
| 2022-09 | +8.9% |
| 2022-10 | +8.7% |
| 2022-11 | +8.7% |
| 2022-12 | +8.7% |
| 2023-01 | +3.8% |
| 2023-02 | +3.8% |
| 2023-03 | +3.8% |
| 2023-04 | +1.1% |
| 2023-05 | +1.1% |
| 2023-06 | +1.1% |
| 2023-07 | +1.4% |
| 2023-08 | +1.4% |
| 2023-09 | +1.4% |
| 2023-10 | +1.0% |
| 2023-11 | +1.0% |
| 2023-12 | +1.0% |
| 2024-01 | +3.7% |
| 2024-02 | +3.7% |
| 2024-03 | +3.7% |
| 2024-04 | +6.3% |
| 2024-05 | +6.3% |
| 2024-06 | +6.3% |
| 2024-07 | +6.9% |
| 2024-08 | +6.9% |
| 2024-09 | +6.9% |
| 2024-10 | +10.5% |
| 2024-11 | +10.5% |
| 2024-12 | +10.5% |
| 2025-01 | +9.8% |
| 2025-02 | +9.8% |
| 2025-03 | +9.8% |
| 2025-04 | +8.3% |
| 2025-05 | +8.3% |
| 2025-06 | +8.3% |
| 2025-07 | +6.3% |
| 2025-08 | +6.3% |
| 2025-09 | +6.3% |
| 2025-10 | +5.6% |
| 2025-11 | +5.6% |
| 2025-12 | +5.6% |
| 2026-01 | +6.7% |
| 2026-02 | +6.7% |
| 2026-03 | +6.7% |
| 2026-04 | +7.7% |
| 2026-05 | +7.7% |
| 2026-06 | +7.7% |
| 2026-07 | +7.7% |
How Belfast Compares Across Northern Ireland
Only Mid and East Antrim, at £177,000, has a lower average house price than Belfast's £185,000, yet Belfast's £1,134 average rent is £185 a month above the next-highest district. That gap between where Belfast sits on price and where it sits on rent is the most useful thing to know about the city. The table below sets all eleven Northern Ireland council districts side by side on the same official figures, ordered by average house price.
| District | Average house price | Annual change | Average rent (pcm) | Sales (2025) | Private rented | Population |
|---|---|---|---|---|---|---|
| Mid and East Antrim | £177,000 | 8.2% | £796 | 1,890 | 16.1% | 139,913 |
| Belfast | £185,000 | 7.7% | £1,134 | 4,813 | 20.5% | 352,390 |
| Armagh City, Banbridge and Craigavon | £187,000 | 9.2% | £764 | 2,783 | 18.6% | 222,511 |
| Derry City and Strabane | £189,000 | 12.4% | £792 | 1,499 | 17.9% | 152,383 |
| Mid Ulster | £195,000 | 10.5% | £796 | 1,278 | 18.9% | 152,718 |
| Fermanagh and Omagh | £202,000 | 11.0% | £662 | 987 | 18.5% | 117,687 |
| Antrim and Newtownabbey | £206,000 | 8.8% | £796 | 2,299 | 13.9% | 148,100 |
| Causeway Coast and Glens | £219,000 | 9.6% | £808 | 1,849 | 17.9% | 141,954 |
| Newry, Mourne and Down | £221,000 | 12.8% | £783 | 1,750 | 18.0% | 183,115 |
| Ards and North Down | £227,000 | 7.0% | £949 | 3,072 | 13.4% | 165,415 |
| Lisburn and Castlereagh | £241,000 | 9.7% | £949 | 2,447 | 11.2% | 151,669 |
Belfast tops four of the six columns, rent, sales, private renting and population, and sits second-lowest on the other two, price and annual growth. It has the highest rent at £1,134, ahead of Ards and North Down and Lisburn and Castlereagh, which share the next figure at £949. It records the most sales at 4,813, with Ards and North Down next at 3,072. It has the largest private rented share at 20.5%, ahead of Mid Ulster on 18.9%, and its population of 352,390 is more than half as big again as Armagh City, Banbridge and Craigavon's 222,511 in second place. On price, only Mid and East Antrim comes in lower, and by £8,000.
Price growth is where Belfast trails. Its 7.7% annual rise was the second-slowest of the eleven, ahead only of Ards and North Down at 7.0%, while Newry, Mourne and Down led at 12.8% and Derry City and Strabane was close behind at 12.4%. Rent growth was a different story. Belfast's 2.9% was the third-highest of the eleven. Only Newry, Mourne and Down at 4.1% and Causeway Coast and Glens at 3.1% were higher. Derry City and Strabane came next at 2.8%, and Fermanagh and Omagh was lowest at 0.6%. Several districts show the same rent figure because the ONS reports Northern Ireland rents by Broad Rental Market Area, and one rental area can cover more than one council. For how Belfast stacks up against cities across the water, our guide to the best buy to let areas puts it alongside the English, Scottish and Welsh markets.
Sales Activity in Belfast
Belfast recorded 4,813 verified residential sales in 2025, up 5.6% on the 4,559 sold in 2024 and the most of any Northern Ireland district. The Northern Ireland House Price Index counts every verified sale by property type, so the table below shows not just how many homes changed hands but what kind of homes they were, quarter by quarter.
| Period | Apartments | Detached | Semi-detached | Terraced | Total sales |
|---|---|---|---|---|---|
| 2024 (full year) | 812 | 443 | 1,299 | 2,005 | 4,559 |
| Q1 2025 | 188 | 152 | 378 | 633 | 1,351 |
| Q2 2025 | 153 | 76 | 261 | 418 | 908 |
| Q3 2025 | 188 | 93 | 375 | 541 | 1,197 |
| Q4 2025 | 198 | 145 | 432 | 582 | 1,357 |
| 2025 (full year) | 727 | 466 | 1,446 | 2,174 | 4,813 |
| Q1 2026 | 180 | 108 | 350 | 483 | 1,121 |
| Q2 2026 | 207 | 113 | 318 | 484 | 1,122 |
Terraced houses are the Belfast market. They made up 2,174 of the 4,813 sales in 2025, or 45.2%, with semi-detached homes next at 1,446 (30.0%). Apartments accounted for 727 sales (15.1%) and detached houses for 466 (9.7%). In no quarter of the last two years did detached sales reach 160; terraces and semis together were three-quarters of the 2025 total.
The quarterly pattern is uneven rather than falling. The second quarter of 2026 brought 1,122 sales, 23.6% up on the 908 sold in the same quarter of 2025, while the first quarter of 2026 at 1,121 was 17.0% down on a strong first quarter of 2025. Put the two halves together and the first six months of 2026 produced 2,243 sales against 2,259 a year earlier, near enough level. The busiest of the six quarters shown was the last three months of 2025, at 1,357 sales, and the quietest was the second quarter of 2025 at 908. Between 908 and 1,357 verified sales a quarter means stock is changing hands throughout the year; for an owner it means more buyers completed a purchase here in 2025 than in any other Northern Ireland district.
Rents in Belfast
The average private rent in Belfast was £1,134 a month in June 2026, up 2.9% on the year and the highest of any Northern Ireland district. For investors asking whether buy-to-let still works as an investment in Northern Ireland, the rent figure is the number that sets Belfast apart. Put it next to the price, and Belfast is the only district in the comparison table with a rent above £1,000 and a price below £190,000. That pairing is not a yield. The rent is an ONS average of advertised new lets across the Belfast rental market area. The price is a standardised index for the council district. Dividing one by the other would produce a number that measures nothing real.
| Home | Average monthly rent (June 2026) |
|---|---|
| One bedroom | £836 |
| Two bedrooms | £962 |
| Three bedrooms | £1,104 |
| Four or more bedrooms | £1,590 |
| Flats | £1,020 |
| Terraced houses | £1,075 |
| Semi-detached houses | £1,110 |
| Detached houses | £1,435 |
The bedroom count and the property type both move the rent. On the ONS advertised new-let averages, a home with four or more bedrooms was advertised at £1,590. That is nearly double the £836 for a one-bed. By type, the advertised average ran from £1,020 for a flat to £1,435 for a detached house, a gap of £415. Terraced houses sat in between at £1,075, and semi-detached homes at £1,110.
The annual rate of rent growth has been easing while the level has barely moved. The average was £1,133 in March 2026 with growth of 4.4%, £1,133 in May with growth of 3.2%, and £1,134 in June with growth of 2.9%. Rents rose faster in the year to March 2026 than in the year to June 2026, and the level itself barely moved between March and June.
The Housing Executive publishes a separate measure. Its average weekly market rents for the Belfast area in 2026/27 are £155.35 for a one-bed, £182.15 for a two-bed, £199.37 for a three-bed and £277.43 for a four-bed. Those are weekly figures built for setting intermediate rents, not the ONS monthly average, so keep the two apart rather than converting one into the other.
The ONS builds its Northern Ireland rent data from advertised new lets and reports it by Broad Rental Market Area. So the Belfast figure is a guide to what new lets in Belfast are advertised at. It is not a like-for-like comparison with the rent measures published for England, Scotland and Wales.
Who Rents in Belfast: Tenure and Demand
At the 2021 Census, 20.5% of Belfast's 149,210 households rented from a private landlord, roughly 30,600 households and the largest private rented share of the eleven districts. The other side of the same table is just as telling. Only 51.0% of Belfast households owned their home, the lowest owner-occupation rate in Northern Ireland, and 26.3% rented from the Housing Executive or a housing association, the highest social-rented share in the region.
| Tenure (Census 2021) | Belfast households |
|---|---|
| Owner occupied | 51.0% |
| Social rented | 26.3% |
| Private rented | 20.5% |
| Living rent free | 2.2% |
Nearly half of Belfast's households rent, socially or privately. Set against Lisburn and Castlereagh, where 74.7% of households own and 11.2% rent privately, Belfast is a different kind of housing market: one where the private landlord houses one household in five and the social sector one in four. The tenure figures are from NISRA's Census 2021 housing tables.
Northern Ireland does not publish a postcode-level rental demand score, so the demand picture comes from the official counts. The population was 352,390 at NISRA's 2024 mid-year estimate, almost 130,000 ahead of the next-largest district, and the median age of 36.4 was the youngest of the eleven, with Mid Ulster next at 38.4. Belfast has the youngest and the largest population in the region, and two universities on top.
Housing Stock and Property Mix in Belfast
Belfast had 163,050 dwellings on the Valuation List in April 2026, and 68,376 of them, 41.9%, were terraced houses. That is 76% more homes than the next-largest district, Armagh City, Banbridge and Craigavon at 92,542. The Department of Finance counts every domestic property by type each April, and the split below is the physical shape of the city a Belfast landlord is buying into.
| Property type | Dwellings (April 2026) | Share of stock |
|---|---|---|
| Terraced | 68,376 | 41.9% |
| Semi-detached | 43,479 | 26.7% |
| Purpose-built apartments | 29,039 | 17.8% |
| Detached | 15,548 | 9.5% |
| Converted apartments | 6,608 | 4.1% |
| All dwellings | 163,050 | 100% |
Apartments are a bigger part of the city than they are of the sales. Purpose-built and converted flats together make up 35,647 homes, 21.9% of the stock, yet apartments were only 15.1% of the 4,813 sales in 2025. Terraces run the other way: 41.9% of the stock but 45.2% of the sales. Detached houses, at 9.5% of the stock and 9.7% of sales, turn over in line with their share. In plain terms, apartments were a smaller share of the 2025 sales than of the housing stock, and terraces a larger one.
The Census tells the same story from the household side, with 36.8% of homes terraced, 31.2% semi-detached, 19.7% flats and 12.3% detached in 2021. Stock figures come from the Department of Finance housing stock statistics.
New Homes and Planning in Belfast
Builders completed 481 new homes in Belfast in the first half of 2026 and started 235, against 2,243 sales over the same six months. The pace slowed sharply between the two quarters: 177 starts and 330 completions in the first quarter of 2026 became 58 starts and 151 completions in the second. New supply in Belfast runs at a fraction of the homes changing hands, and 481 completions is equivalent to 0.3% of the April 2026 stock of 163,050. The figures are from the Department of Finance new dwelling statistics, which count what Building Control records as started and finished.
The planning pipeline is busier than the building figures. Belfast received 1,371 planning applications in 2025-26, up 5.8% on the 1,296 of the year before, and 644 of them were residential, up from 581. The council issued 1,170 decisions, 577 of them on residential applications, and approved 1,124, a 96.1% approval rate, with 46 refused; a further 46 applications were withdrawn. Decisions were down from 1,302 the year before. At the end of March 2026 there were 940 applications still live, 352 of them residential, up from 791 and 298 a year earlier. Twenty-five of the year's applications were classed as major. The data is from the Department for Infrastructure planning statistics.
Read the two together and the picture is a city approving most of what it is asked for. More residential schemes were waiting on a decision than a year earlier. Meanwhile, the 481 completions in the first half of 2026 ran well below the 2,243 sales in the same six months. The council's Accelerating City Centre Living programme has identified capacity for more than 1,400 homes in the city centre alone, which is capacity rather than homes built, in a city completing a few hundred a quarter.
Areas and Postcodes in Belfast
Belfast is covered by the BT1 to BT17 postcodes, and the Housing Executive's Belfast rental area runs from BT1 to BT16. BT1 and BT2 are the city centre, and BT3 is the harbour estate. The south of the city holds Queen's University and the older residential streets around it. The east, north and west of the city cover the remaining BT postcodes.
Northern Ireland does not publish the address-level sold prices and rents that a postcode-by-postcode price or yield table would need. The district-level figures above show where Belfast sits in the region; what they cannot do is tell you that one BT postcode beats another on yield.
Buying Investment Property in Belfast
A 30% deposit on the £185,000 average Belfast home is £55,500. That buys into the district with the highest rents and the most sales in Northern Ireland at the second-lowest average price, in a city where terraces and semis make up three-quarters of what sells. Our partner introduces investors to vetted investment property for sale across the UK, and you can browse current buy to let properties for sale or look at below market value properties. Homes that sell before they are openly listed are covered in our guide to off market properties.
Two pieces of Northern Ireland regulation apply the moment you let a Belfast property. Every private landlord in Northern Ireland must register with the Landlord Registration Scheme on nidirect. Registration lasts three years and costs £70 online. A landlord whose house in multiple occupation (HMO) is registered under the HMO Registration Scheme does not pay the £70, as long as they include the HMO and its registration number when they register their other rented properties. And an HMO needs a licence from Belfast City Council, which charges £62 per person per year and requires planning permission and building control approval for any new HMO.
Frequently Asked Questions
What do the figures say for anyone looking to invest in Belfast?
The figures put Belfast first in Northern Ireland on rent, sales, private renting and population, and second-lowest of the eleven districts on average house price, at £185,000. Rent averages £1,134 a month and sales run at 4,813 a year. Private renters make up 20.5% of households, and the population is 352,390. The trade-off is growth: its 7.7% annual price rise was the second-slowest in the region, and the average is still 8.2% below the July 2007 peak of £201,368, nineteen years on. What the data cannot give you is a Belfast yield, because Northern Ireland does not publish the postcode-level figures that would support one.
What are the best areas in Belfast for buy-to-let?
There is no official way to rank Belfast's postcodes on rental yield, because Northern Ireland publishes no postcode-level sold price or rent. The Department of Finance does publish annual house price statistics for Belfast's electoral wards, but there is no matching ward-level rent figure to set them against. What the district figures do show is the shape of demand: a young population with a median age of 36.4, two universities, and a private rented sector that already houses roughly 30,600 households. The city centre is BT1 and BT2, the harbour estate is BT3, and the university district sits to the south. Terraces were the largest single category of 2025 sales at 45.2%, with semi-detached homes next at 30.0%.
What is the average house price in Belfast?
The average house price in Belfast was £185,000 for April to June 2026, up 7.7% on the same quarter of 2025. That headline comes from the Northern Ireland House Price Index, which moves once a quarter, and the standardised price for the quarter is £184,768. The £185,000 average is the second-lowest of Northern Ireland's eleven districts, above only Mid and East Antrim at £177,000. Belfast prices peaked at £201,368 in July 2007, fell to £82,847 in January 2013 and have risen 123.0% since that low.
What is the average rent in Belfast?
Belfast rents are the highest in Northern Ireland, and the gap to the rest of the region is wide. In June 2026 the ONS average was £1,134 a month, up 2.9% on the year, with Ards and North Down and Lisburn and Castlereagh next at £949. By size, the ONS figures ran from £836 for a one-bed to £962 for a two-bed, £1,104 for a three-bed and £1,590 for four or more bedrooms. The figures are advertised new-let averages for the Belfast rental market area, so they show what new lets were advertised at rather than what every sitting tenant pays.
What is happening in the Belfast rental market?
Flat is the short answer for the spring and early summer. The ONS average was £1,133 in March 2026, with annual growth of 4.4%. In May it was £1,133 again, with growth of 3.2%. By June it was £1,134, with growth of 2.9%. So the level barely moved from March to June while the annual rate eased. Belfast's 2.9% rent growth was the third-highest of the eleven districts, behind Newry, Mourne and Down at 4.1% and Causeway Coast and Glens at 3.1%. The Housing Executive's separate weekly market rent guide for 2026/27 put a Belfast two-bed at £182.15 a week and a three-bed at £199.37.
What type of property sells most in Belfast?
Terraces win this one, and it is not close, whether you count the stock or the sales. Of Belfast's 163,050 dwellings in April 2026, 68,376 (41.9%) were terraced, 43,479 (26.7%) semi-detached, 29,039 (17.8%) purpose-built apartments, 15,548 (9.5%) detached and 6,608 (4.1%) converted apartments. Of the 4,813 verified sales in 2025, 2,174 were terraces, 1,446 semi-detached, 727 apartments and 466 detached. Apartments were 21.9% of the stock but 15.1% of sales, while terraces at 41.9% of stock took 45.2% of sales, and no quarter in the last two years saw more than 152 detached homes sold.
How do I buy an investment property in Belfast?
To buy an investment property in Belfast with a 30% deposit, you would need £55,500 before fees on the £185,000 average. That figure moves with the price of the individual property. Before the first tenant moves in, the landlord has to register with the Northern Ireland Landlord Registration Scheme. A property let as a house in multiple occupation also needs an HMO licence from Belfast City Council. For a new HMO, the council requires planning permission too. To see what is available now, browse investment properties or bmv property through our partner.
Is Belfast still below its 2007 house price peak?
The July 2007 figure of £201,368 is still the high-water mark. The Land Registry average hit that level in July 2007. It then fell 58.9% to £82,847 by January 2013. On the latest quarterly figure, for April to June 2026, it stood at £184,768. That is 8.2% short of the peak after nineteen years. The recovery has been strong, with 30.3% growth over the five years to July 2026 and 123.0% since the 2013 low, but a buyer who paid the 2007 price has not yet seen it back on the index.
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