Derry is now the cheapest place in the North to buy a house according to figures just released by NISRA (The Northern Ireland Statistics Release Agency).
Figures also show that house prices in Derry have stayed totally flat over the last quarter at the same time as they have risen, often sharply, across the rest of the North.
The good news of a 7 per cent increase in property prices as seen in Derry during the first quarter of the year has been replaced by some gloom as the Derry and Strabane council areas were the only place to see no price rise at all in the summer quarter.
There is now a full £40,000 of difference between Derry house prices and the most expensive place in the North which statistics reveal to be North Down and Ards.
And Derry prices are still almost £20,000 short of the Northern Ireland average house price of £113,000.
It’s good news for first time buyers as the average house price is just under £94,000 but the outlook remains gloomy for those looking to sell and or ‘upsize’ their home.
The average price for a Terrace House in Derry is now £72,000, a semi-detached will set you back £102,000 and a detached will set you back £164,000.
The price for a terraced house in Derry is almost £10,000 off the average of a similar property in the North.
And if you are looking for a terraced house in North Down it’ll set you back a whopping £120,000 which would set you back just £84,000 in Belfast city.
The average price for a property is in North Down is almost £200,000 and a detached house will set you back £320,00.
There’s more bad news for property investors who put their money into apartments as statistics show that prices have fallen once again, by almost 5 per cent in this quarter of 2015 alone.
The average price for an apartment in Northern Ireland has now fallen to £105,000.