House prices in the ABC council area on the rise

Embargoed to 0001 Thursday August 25

File photo dated 17/01/14 of bricks as Britain's chronic brick shortage is ramping up house prices and the situation could be made worse by the Brexit vote, a new report has warned. PRESS ASSOCIATION Photo. Issue date: Thursday August 25, 2016. See PA story CITY Bricks. Photo credit should read: David Davies/PA Wire

Embargoed to 0001 Thursday August 25 File photo dated 17/01/14 of bricks as Britain's chronic brick shortage is ramping up house prices and the situation could be made worse by the Brexit vote, a new report has warned. PRESS ASSOCIATION Photo. Issue date: Thursday August 25, 2016. See PA story CITY Bricks. Photo credit should read: David Davies/PA Wire

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House prices in the Armagh Banbridge and Craigavon area have risen steadily by 4.2%, according to the latest statistics.

Following a trend across the north, house prices are rising at their fastest rate for many years, says the House Price Index report

In the ABC area the average price of a house rose to £111.137.

Across Northern Ireland, prices have risen by 5.7% in the space of a year, with the average cost of house now at £125,480.

The rises varied from just 1.6 per cent in Fermanagh & Omagh to 11 per cent in Derry City & Strabane.

Lisburn and Castlereagh (£149,600) has the highest average house price while Derry & Strabane has the lowest average at £108,464.

Over the year the largest rise was in the apartment sector with prices up by 11 per cent while for all other property types there was a 5 per cent hike.

The headline figures conceal a significant difference between the new dwellings and existing (or ‘second-hand’) markets. Over the last two years the price of new dwellings has increased by 23 per cent - twice that for the existing market (11 per cent).

Annual house price performance by Council area:

• Antrim and Newtownabbey - up 6.4 per cent to £130,557

• Ards and North Down - up 3.5 per cent to £145,206

• Armagh City, Banbridge& Craigavon - up 4.2 per cent to £111,137

• Belfast - up 5.0 per cent to £118,692

• Causeway Coast & Glens - up 9.2 per cent to £129,175

• Derry City & Strabane - up 11.0 per cent to £108,464

• Fermanagh & Omagh - up 1.6 per cent to £113,517

• Lisburn & Castlereagh - up 4.5 per cent to £149,600

• Mid & East Antrim - up 7.1 per cent to £118,689

• Mid-Ulster - up 7.9 per cent to £124,618

• Newry, Mourne & Down - up 4.8 per cent to £128,416