The price of a house in Northern Ireland has jumped more than 10% in the last year, with rural areas leading the charge higher.
Those are the findings of one of the most accurate housing market reports which pegged average prices at £164,590 in the first quarter of this year, up from £149,084 at the same time in 2021.
The Northern Ireland House Price Index, which is based on stamp duty data from HMRC, showed that the biggest gains were recorded on the north coast.
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Causeway Coast and Glens saw prices jump 14.8% to £183,110, backing up anecdotal evidence over the last couple of years which suggested growing demand for larger, rural housing in beauty spots in the wake of the Covid-19 pandemic and subsequent lockdowns.
Other areas that saw big gains were Armagh, Banbridge and Craigavon which was up 14% at £146,577, Newry, Mourne and Down where prices climbed 13.5% to £176,796 and Fermanagh and Omagh which saw gains of 13% to £153,267.
By contrast, average house prices in Belfast were up just 6.8% at £152,603 and gains in surrounding council areas were equally as muted.
When it comes to activity, the number of houses changing hands has fallen sharply.
Just 1,446 changed hands in the first quarter of this year, down from 2,511 in the same period in 2022.
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A lack of supply – new houses for sale – has been attributed to both the falloff in transactions and the uplift in prices.
Looking ahead, continued upward house price momentum has been called into question as the cost-of-living crisis dents affordability and confidence, with the latter further hit by the conflict in Ukraine.