Average NI house price roughly one quarter that of London

The rise means the average house price in the Province is £125,000 in December, according to the official quarterly statistics.

Across the UK at large, house prices ended last year around £15,000 higher on average than when the year started.

The typical UK property value was £220,000 in December, marking a £15,000 increase compared with a year earlier.

The main contribution to the increase in UK house price growth came from England, where house prices increased by 7.7% over the year to December, – taking the average price in England to £236,000.

Wales saw house prices increase by 4.7% over the year to stand at £148,000 and in Scotland, the average price increased by 3.5% over the year to stand at £142,000.

In London, house prices have increased by 7.5% over the past year, to reach £484,000 on average.