Life

Prices still 45 per cent below their 2007 peak

Property values in Northern Ireland are still around 45 per cent below their 2007 levels according to official figures from the Office for National Statistics (ONS).

The recent report does however show that prices here saw a 7.5 per cent annual uplift, taking values to £145,000. Scotland showed the strongest annual growth with prices there increasing 14.6 per cent over the last year, marking the strongest annual growth recorded there since July 2007.

At £207,000 on average, prices in Scotland are at a new index record.

The ONS report said: "It should also be noted that the land and buildings transaction tax replaced (the) UK stamp duty land tax in Scotland from April 1 2015, which may have had an impact on the increase in prices."

The strong upswing in house price growth north of the border meant that Scottish house prices have grown at a faster rate than those in southern England over the last year. The average house price in England stands at £284,000 with prices in the capital averaging at £498,000.

Meanwhile in Wales, values have increased by 5.7 per cent over the last year to reach £173,000 on average.