Belfast Telegraph

Northern Ireland house prices rising fastest in Derry and Strabane

By John Mulgrew

House prices in Northern Ireland are rising at their fastest rate in the Derry City and Strabane area, according to fresh figures.

Prices increased by 11% in the last year, rising to an average cost of £108,464. And between the third and four quarters of 2016, prices increased by 3%.

Across Northern Ireland, prices have risen by 5.7% in the space of a year, with the average cost of house now at £125,480, according to the latest House Price Index report.

The majority of regions in Northern Ireland experienced some form of property price growth in the last quarter.

But Antrim and Newtownabbey, Lisburn and Castlereagh, Mid and East Antrim, and Newry, Mourne and Down each suffered a small fall in prices.

Across Northern Ireland, average prices are now 44% below their market peak 10 years ago.

Some 5,081 residential properties sold during the fourth quarter in 2016, bringing the provisional total of sales in 2016 to 21,669.

The highest average cost of home in Northern Ireland is in the Lisburn and Castlereagh council district, sitting at £149,600.

Across the UK, house prices ended last year around £15,000 higher on average than when the year started, according to an official report.

The typical UK property value was £220,000 in December, marking a £15,000 increase compared with a year earlier, said the report, produced jointly by the Office for National Statistics (ONS) with other bodies.

The main contribution to the increase in UK house price growth came from England, where house prices increased by 7.7% over the year to December, taking the average price in England to £236,000.

Wales saw house prices increase by 4.7% over the year to stand at £148,000. In Scotland, the average price increased by 3.5% over the year to stand at £142,000.

Across the English regions, house price growth over the past year has ranged from an 11.3% increase in East Anglia to a 4.1% rise in the North East. In London, house prices have increased by 7.5% over the past year, to reach £484,000 on average.

House prices across the UK as a whole increased by 7.2% in the year to December, accelerating from a 6.1% rise recorded in the year to November. Prices increased by 1.4% month-on-month.

An average first-time buyer in Britain faces paying 7% more for a property than they did a year ago, with the typical price paid by this sector now at £184,973, the report said.

Belfast Telegraph Digital

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