House prices: Northern Ireland sees largest spike in prices of any UK region in past year
Northern Ireland has seen the biggest spike in property prices of any UK region in the past year - 8.6% - according to property website Zoopla.
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
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
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