House prices continue to rise in Northern Ireland

Image source, Chris Ison/PA Wire

House prices are up 3.1% on figures from the first quarter of this year.

The trend upwards is reflected in the year on year figures, which recorded a 4.4% increase since this time last year.

According to official figures, the average cost of a home in Northern Ireland is £128,650.

There is a variation across different council areas - prices can range from £109,939 in Derry city and Strabane, to £154,704 in Lisburn and Castlereagh.

The Northern Ireland Statistics and Research Agency said the biggest jump in price was seen in Mid Ulster, where average house prices rose 9% over the last 12 months.

The slowest price growth was in Belfast, with prices just 1% higher than this time last year.

Apartments saw the biggest increase with a 4.1% rise, while terrace houses increased by 3.5%.

Both detached and semi-detached increased by 2.8% over the same quarter.

Commenting on the figures Richard Ramsey, chief economist at Ulster Bank said they reflect a two-speed market.

He said that while prices for new build houses have increased significantly, the rise in cost of existing properties had not increased as fast.

"New builds are at an eight-year high, one third below their peak in 2007. Meanwhile the average price of existing properties is still 45% below its peak." He said.

According to the Northern Ireland Statistics Agency 5,106 residential properties were sold between April and June 2017.

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