Derry & Strabane house prices lowest in Northern Ireland

Derry & Strabane is now the cheapest place to buy a home in  Northern Ireland. (Yui Mok/PA Wire)
Derry & Strabane is now the cheapest place to buy a home in Northern Ireland. (Yui Mok/PA Wire)

Derry and Strabane is the only area where house prices have dropped and the city and district is now the cheapest in Northern Ireland to buy a home new research reveals.

The average price of a home in the city and district now stands at £120,110 - almost £20,000 below the Northern Ireland average.

The new provisional statistics for July to September 2019 have been published by the Land & Property Services assisted by the NI Statistics & Research Agency today in their House Price Index report.

Compared to the previous three months, the house price index across Northern Ireland generally increased by 2.3%, but in Derry & Strabane it actually fell by -3.1%.

Derry & Strabane aside, the other ten district council areas showed an increase over the quarter, although overall locally prices have rised slightly compared to last year by 0.2%.

Across NI, 6,002 residential properties sold during Q3 2019 (this is to be revised upwards next quarter due to late returns).

The average house price is 4.9 times median annual gross full time earnings.

The standardised price of a house in NI as a whole is £139,951 and ranges from £120,110 in Derry City and Strabane to £164,900 in Lisburn and Castlereagh.

The Index measures change in the price of residential property sold in Northern Ireland. The Index uses Stamp Duty information on residential property sales recorded by HMRC. The NI House Price Index series is used as the NI component of the single official UK HPI and the statistics are comparable with other UK regions.

A graphical representation of the residential property price index for each council can be viewed in the Detailed Statistics at: www.finance-ni.gov.uk/articles/northern-ireland-house-price-index