House prices rise over 10% in Derry

House prices across Derry & Strabane have gone up by 10.5 per cent in the past year compared to just 1.5 per cent across Northern Ireland.

Tuesday, 13th November 2018, 7:34 am
Updated Tuesday, 13th November 2018, 8:41 am
Homes for sale (Anthony Devlin/PA Wire)

The cost of the average home in the city and district now stands at £125,000, reflecting a stronger housing market locally, the latest Quarterly House Price Index report from Ulster University reveals.

The overall average price (£125,913) has risen significantly over the year, with the increased number of detached properties coming onto the market contributing to the higher average price tag.

Recently, in terms of property type here, the best performing have been semi-detached houses.

However the average price of terraced or townhouses fell slightly while detached houses, with an average price tag of £178,547, have also dropped back.

Derry’s house prices however are still way below the Northern Ireland average of £161,948. Ulster University have said that overall, the analysis by price band is “indicative of a relatively stable and still affordable housing market in Northern Ireland”.

Lead researcher, Dr Martin Hinch from Ulster University said: “The latest survey of the health of the Northern Ireland housing market suggests a slowing down in the rate of price growth to 1.5 per cent over the year compared to the higher levels of increase observed earlier this year.”

Karly Greene, Head of Research at the NI Housing Executive, which commissions the research, said: “The analysis points to a generally stable market, albeit with some variation by property type and location. The research also underlines the need for, and the value of, continued investment in the new and existing housing stock to maintain the supply of quality dwellings necessary for a healthy housing market and sustainable residential property ownership.”