Northern Ireland sees price recovery
Figures from the Office for National Statistics revealed that prices increased by 11.7% year-on-year in December with the average price in Northern Ireland now standing at almost £150,000.
Whilst this represents strong growth it still remains some way below the peak standardised property price of £209,857 which was reported before the credit crunch.
Ciaran Scullion, mortgage adviser at From Acorns Financial Planning, said the boost was a good sign but buyers need to focus on the long game.
He said: “In the last 12 months I’ve experienced an increase in mortgage enquiries and it’s usually a good sign when a significant proportion of enquiries are first-time buyers.
“It’s certainly good news that average prices are rising, however it’s I feel it’s still important that homebuyers and property investors focus on long term goals rather than short term gains.”
Unsurprisingly the other big winner was London which saw a 15.3% price rise over the last year to £501,000 on average.