Significant rise in house prices in Derry & Strabane over the past year

Despite the increase, the average price of a house in the city and district remains the lowest across the 11 council regions in the north, averaging out at £158,037.

This equates to a 7.1% increase in house prices locally, although the market does show signs of levelling off with only a slight increase in the average cost of a home across the board while in Derry & Strabane and Causeway Coast and Glens council areas prices actually came down in the first three months of 2024.

The new figures are contained within the House Price Index report for Quarter 1 2024 released by Land & Property Services assisted by the Northern Ireland Statistics & Research Agency.

The Index measures change in the price of residential property sold in Northern Ireland and uses Stamp Duty information on residential property sales recorded by HMRC.

In Derry & Strabane, the decrease in house prices was marginal at 0.3% but in Causeway, Coast and Glens Council area house prices were down 4% over the quarter and 5.1% over the course of the past year, with the average property price in the region standing at £186,677.

Overall across the north for period from January 1 to the end of March the provisional figures show the house price index increased by just 0.4% although the cost of a home had risen 4.0% when compared to the first three months of 2023.

The average price for a house in Northern Ireland overall is now £178,499 and ranges from the lowest price inDerry City and Strabane to a mean of £210,592 in Lisburn and Castlereagh.

4,533 residential properties were sold across the north during quarter one.

The average price across each district was as follows: Antrim and Newtownabbey £184,684; Ards and North Down £208,114; Armagh City, Banbridge and Craigavon £161,064; Belfast £164,101; Causeway Coast and Glens £186,677; Derry City and Strabane £158,038; Fermanagh and Omagh £163,403; Lisburn and Castlereagh £210,592; Mid and East Antrim £162,656; Mid Ulster £176,072; and Newry, Mourne and Down £187,823.

The NI House Price Index is a quarterly index and is published in February, May, August and November each year, around eight weeks after the end of each quarter.