According to the latest House Price index from Nationwide, property prices in Northern Ireland increased at a quicker rate than elsewhere in the UK within the first three months.
Compared to the same time last year, prices within Northern Ireland have increased by 7.9%. The average property price is now £137,965
Wales also witnessed a rise in prices also. These prices rose 6.1% to £151,971 from the same quarter last year. This increase makes Wales the second-best performing country in the U.K.
Northern Ireland tops the UK-wide property prices
In Scotland, prices rose 0.2% to an average of £144,250.
England has seen an increase of 1.9%, the average property price rising to £257,417.
Within England, a North-South divide has been apparent throughout four consecutive months. However, according to the report, this divide is narrowing.
“Over the past two years the Southern English regions have seen a steady deceleration in price growth, which is now running at its slowest pace since 2012,” said Nationwide’s chief economist Robert Gardner. “By contrast, the Northern English regions have recorded a gradual acceleration and recorded their strongest growth rate since 2014 in the first three months of this year.”
In the North of England, the average property cost is £163,138. The average property costs in the south of England is £331,047.
In London, the average price of a house is currently £473,776.
Want to find out more about the Northern Ireland property market? Find out more articles like this here.
