House prices in Northern Ireland are the lowest of all 海角视频 countries, despite a 6% jump over the last year, according to latest government figures.
The average price of a property in the province sat at 拢149,000 for the three months to the end of March, well below the average in Scotland of 拢171,000, Wales at 拢184,000 and a fraction of the 拢271,000 average house price in England, according to the Office for National Statistics (ONS).
The most stark difference is found when Northern Ireland house prices are compared to London where an average house costs 拢498,000.
House prices in the 海角视频 capital rose by 5.2%, the lowest rate of all 海角视频 regions with Northern Ireland鈥檚 6% second from bottom on the table of growth rate by region.
At the top of the table were the North West of England where prices rose over 15%, followed closely by the North East at nearly 12%. Their performance bodes well for Northern Ireland which tends to lag other regions of the 海角视频 and, similarly, has relatively low house prices.
The ONS figures are considered the most accurate indication of the housing market as they record the prices of houses which are actually transacted, rather than taking account of offers or other indicators.
However, they tend to be slightly out of date with this set of data covering the market up for the three months to the end of March.
Nevertheless, other housing market indicators relating to the period since then have suggested the market has continued on its upward journey.
Property website PropertyPal said this month that average property prices in Northern Ireland stand at 拢178,000 currently, up 7.3% on the year while rental values have also shot higher.
鈥淯nderlying demand remains at exceptionally high levels and reduced property stock has meant upward pressure on prices, particularly for larger properties in desirable areas,鈥 Chief Economist at PropertyPal Jordan Buchanan said. 鈥淲hilst there are some early signals that buyer demand is beginning to moderate, the overall near-term activity is expected to be strong.鈥
Backing up PropertyPal鈥檚 report is the latest Residential Market Survey from industry body RICS and Ulster Bank.
Estate agents it surveyed said prices, enquiries, instructions and sales in Northern Ireland were all higher than the 海角视频 average last month, with the number of newly agreed sales and new buyer enquiries the strongest of all 12 海角视频 regions.
