House prices in Derry rise by almost £10,000

Average house prices in Derry City and Strabane District Council have risen by almost £10,000 in the past year, it has been confirmed.

Friday, 17th August 2018, 9:56 am
Updated Sunday, 2nd September 2018, 10:08 pm
Houses prices in Derry and Strabane have risen by 8.2 per cent over the past year. (Andrew Matthews/PA Wire)
Houses prices in Derry and Strabane have risen by 8.2 per cent over the past year. (Andrew Matthews/PA Wire)

The annual cost of a home in the city and district now stands at £118,497, and the 8.2 per cent increase in prices locally is the highest jump among the 11 council districts across the North.

Overall in the three months from the start of April to the end of June, 2018, house prices in Northern Ireland fell by one per cent to an average price of £132,795, according to new figures released by the Land & Property Services assisted by the Northern Ireland Statistics & Research Agency.

However, Derry & Strabane was among only three council areas were prices have actually risen.

The House Price Index report for Quarter 2, 2018 measures change in the price of residential property sold across Northern Ireland.

A total of 5,308 residential properties sold during the three months across the North,

The most expensive place to buy a house in Northern Ireland is the Lisburn and Castlereagh area, with prices averaging at over £158,500, followed by Ards and North Down at around £150,000.

A house in the Causeway Coast and Glens district averages over £138,000.

The other two council areas were homes are averaging at under £120,000 are Derry & Strabane and Armagh City, Banbridge and Craigavon Council area.

Over the past three months, house prices in Derry City & Strabane District Council rose by 1.8%, while over the year, the average house price here rose by £9,716.75p.

In 2007 when the housing market was at its peak, and prior to the financial crash which left many people with new homes in severe negative equity, house prices were more than nine times the average wage.

Today, the average residential property is 4.8 times the average annual gross salary.