House prices: Northern Ireland sees largest spike in prices of any UK region in past year

The website has reported that house prices are now 30% higher on average than a previous market peak in 2007, with the average UK house price in June hitting a record high of £230,700.

Stock shortages are helping to push up prices, with a 25% fall in the volume of homes for sale in the first half of the year compared to the same period in 2020, Zoopla said.

NI Ireland and Wales saw the biggest spike in the past year, with rises of 8.6 per cent and 8.4 per cent respectively agaiknst a UK average of 7.3%.

Last month the Nationwide reported NI and Wales experienced the largest UK year-on-year increases of 14% and 13.1% respectively.

The search for space has pushed up the average price of a house by 7.3% over the past year, Zoopla says.

By contrast, prices growth for flats is lagging at 1.4%.

Grainne Gilmore, head of research at Zoopla, said: “Demand for houses is still outstripping demand for flats.

“To a certain extent this trend will have been augmented by the stamp duty holiday, with bigger savings on offer for larger properties – typically houses.

“But underneath this, there is a continued drum-beat of demand for more space among buyers, both inside and outside, funnelling demand towards houses, resulting in stronger price growth for these properties.”

Zoopla average NI prices by council area;-

Ards and North Down £166,483

Armagh, Banbridge, Craigavon £137,892

Belfast £138,658

Causeway Coast and Glens £154,028

Newry and Mourne £167,623

Mid and East Antrim £138,900

Mid Ulster £157,446

Lisburn and Castlereagh £177,397

Fermanagh and Omagh £147,270

Antrim and Newtownabbey £141,366

Derry City and Strabane £130,219

Bangor £179,955

MORE NEWS

Black Lives Matter: DUP defends PSNI Chief Constable Simon Byrne after his meeting with protest organiser

Kilkeel tragedy: Funeral date confirmed for Sharon Perry after sea accident

First unionist elected to Seanad to contest assembly seat for UUP

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.

Subscribe to newsletter.co.uk and enjoy unlimited access to the best Northern Ireland and UK news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.

Our journalism costs money and we rely on advertising, print and digital revenues to help to support them. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.