HOUSE PRICES IN DERRY RISE THE HIGHEST AT 9 PER CENT
FIGURES out today reveal that house prices across Derry City and Strabane District Council rose the most in the second half of the year.
The statistics reveal the sale of houses in the council district rocketed by 9 per cent
Yet, the average across the North of Ireland was just 6 per cent inn the third quarter of 2017.
The upward trend was also reflected in the quarterly figures, which showed an increase of 3 per cent between quarter two and quarter three.
The house price index is now 19% higher than in the first quarter of 2015.
The figures are from the NI Residential Property Price Index, which analyses almost all sales, including cash deals.
The average standardised price, across all property types, was £132,169.
The smallest annual rise was in Belfast, where prices were up by 4 per cent.
The number of deals completed in the third quarter was 5,453.
Ulster Bank economist Richard Ramsey said there is a big difference in the price growth of new builds and existing houses.
The price of new builds grew at an annual rate of 18.5% while the prices for existing resold houses were up 6 per cent year-on-year.
Meanwhile other official figures show the number of new housing ‘starts’ in the North of Ireland increased in the third quarter of this year.
A housing start refers to the beginning of work on a residential property, such as the laying of foundations.
The total number of starts for April – June 2017 was 2,444, an increase of 19 per cent on the same quarter in 2016.