Northern Ireland house prices rise by 10% in a year

House prices in Northern Ireland picked up sharply in the first quarter of 2022, official figures suggest.

Prices were up by 3.4% compared to the final quarter of 2021 and up by more than 10% compared to the same period last year.

In the last 10 years there has only been one other quarter in which prices rose by more than 10% on an annual basis.

The average price for a house in Northern Ireland was £164,590.

Prices ranged from £145,741 in Londonderry City and Strabane to £189,968 in Lisburn and Castlereagh.

The figures are from the Northern Ireland Residential Property Price Index, which analyses almost all sales, including cash deals.

There were quarterly and year-on-year price increases in all council districts.

The quarterly increases ranged from 0.8% in Derry and Strabane to 4.8% in Ards and North Down.

All property types also saw increases over the quarter: detached by 4.2%, semi-detached properties by 3.0%, terrace properties by 2.2% and apartments by 5.9%.

The average house price is now back to roughly what it was in the middle of 2006, but is still well below the peak price of £225,000 at the height of the bubble in 2007.