Northern Ireland sees property price growth

The average price of property in Northern Ireland is on the increase.

The average price of property in Northern Ireland is on the increase.

The average price of a property in Northern Ireland increased by 0.6 per cent for the final quarter of 2016.

In a report released on Tuesday by Her Majesty’s Land Registry department the average price of property in the Province increased to £125,480.

When compared to the same period in 2015 the last quarter of 2016 also revealed an annual increase of 5.6 per cent.

The report also shows Northern Ireland as having the second lowest average property price throughout the United Kingdom - second only to the North East of England (£123,749).

The average price of a property in the United Kingdom is shown to be £217,502 - this represents an annual increase of 5.8 per cent when compared to the same period of time in February 2016.

The property price index is calculated on a monthly basis for all regions except Northern Ireland which is calculated every quarter.

The total number of properties sold in Northern Ireland in the final quarter of 2016 was 5,081 - this represents a 17.6 per cent decrease for the same period of time in 2015.