AN average house in Northern Ireland will now set you back £130,000, according to the latest official figures.
Prices in the north have increased by 4.2 per cent over the year to May and above the UK rate (3 per cent) according to data released jointly by the Office for National Statistics (ONS), the Land Registry and other bodies.
The 3 per cent UK rise, down from 3.5 per cent in April, is the lowest annual rate since August 2013, with the average UK house price in May recorded at £226,000.
The cooling in UK house price growth is mainly driven by a slowdown in the south and east of England, the report said.
In London, house prices fell by 0.4 per cent annually in May - marking the fourth month in a row of annual declines.
By contrast, the East Midlands was the region with the fastest annual house price growth, at 6.3 per cent.
In England, house prices increased by 2.9 per cent over the year to May, taking the average property value there to £244,000, while Wales saw average house prices increase by 1 per cent over the previous 12 months to £149,000.
In Scotland, the average price increased by 4.9 per cent over the year to reach £149,000.
Richard Snook, senior economist at PwC, said forecasts suggest the average UK house price could rise to around £285,000 by 2025.
"In our regional forecasts we predict price falls in London in 2018 and 2019 of 1.7 per cent and 0.2 per cent respectively," he said
Sarah Beeny, founder of estate agent Tepilo.com, added that house prices will continue to be held up by "high levels of buyer demand and a shortage of properties coming on to the market".
