Average NI house price reaches 17-year high

The average house price in Northern Ireland rose by 9% during 2024, according to official data.

The average price in the final quarter of 2023 was just over £168,000, rising to just over £183,000 by the final quarter of 2024.

The figures from the Northern Ireland Statistics and Research Agency (Nisra) cover almost all sales, including cash deals.

That is the highest average price since early 2008, just after the bursting of a property price bubble.

The average price at the end of 2024 ranged from £161,000 in Mid and East Antrim to £218,000 in Lisburn and Castlereagh.

The number of houses sold increased slightly to just over 23,000.

One factor which may be contributing to house price inflation in NI is the lack of new housing supply coming onto the market.

That is partially due to restrictions on new connections to an underfunded water system.

Plans for an estimated 19,000 homes are being held up due to the restrictions - affecting construction in 23 towns.

New official figures on housing supply are due to be published on Thursday.