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House prices in Northern Ireland rose by an annual rate of almost 10% in the first quarter of 2025.<\/p>\n
The average price was just over \u00a3185,000 compared to \u00a3169,000 in the same period last year, according to official data.<\/p>\n
On a quarterly basis prices rose 1% from \u00a3183,000 in the fourth quarter of 2024.<\/p>\n
An increase in stamp duty in April is likely to have boosted the market in the first quarter of this year as buyers rushed to complete transactions before the change.<\/p>\n<\/div>\n
Stamp duty is a tax on property transactions which is set at different rates depending on the value of the house.<\/p>\n
Up until April stamp duty did not apply to houses worth up to \u00a3250,000 but that threshold has now been dropped to \u00a3125,000.<\/p>\n
Cuts in interest rates may also have boosted the market as lower rates mean people can afford to borrow more.<\/p>\n
Prices rose in all local council areas on an annual basis, ranging from 5.2% in Mid Ulster to more than 15% in Causeway Coast and Glens.<\/p>\n
The average price in Causeway Coast and Glens is now above \u00a3200,000, the first time it has been at that level since the peak of Northern Ireland’s housing bubble in 2007.<\/p>\n
The highest average price is \u00a3221,000 in Lisburn and Castlereagh, the lowest is \u00a3165,000 in Mid and East Antrim.<\/p>\n
Annual price rises were also recorded across all property types ranging from 8% for detached houses to almost 11% for terraces.<\/p>\n<\/div>\n