Average house prices and the average rent have both increased significantly across Northern Ireland, a new report shows.
The latest quarterly report from PropertyPal shows the average price to buy a home in Northern Ireland is now £225,986 - an 8% rise on the same time last year. Rental prices are also continuing to soar, with the average cost now £960 per month - a rise of 8.5% on last year.
The new data from PropertyPal also provides a regional breakdown, with the cheapest and most expensive places in Northern Ireland revealed.
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PropertyPal says the Northern Ireland housing market made "a strong start to 2025, with approximately 6,200 agreed sales in the first three months of the year and homes reaching 'sale agreed' 16 days faster than the historical average".
A PropertyPal spokesperson said: "The situation with house prices is also robust, with the price of an average home in Northern Ireland increasing by 8% on an annual basis when comparing Q1 2025 against Q1 2024. Price growth was seen across all council areas on both a yearly and quarterly basis."
The area with the sharpest increase in house prices was Derry City and Strabane, where the average cost of a home shot up by 14% when compared with the same time last year - well above the Northern Ireland total increase of 8%.
The report also reveals the areas with the highest number of "sale agreed" properties. Belfast City Council, perhaps unsurprisingly as the most populous of Northern Ireland's 11 local council areas, had the highest number of sales agreed at just over 1,200. The area with the least activity was Fermanagh and Omagh, followed by Mid Ulster and Derry and Strabane.
More detailed statistics show the top area for house sales in the first three months of this year was Botanic in Belfast with 182 in just three months, followed by Lurgan in the Armagh, Banbridge and Craigavon council with 175, and Titanic in Belfast with the same number.
Craigavon follows with 171 and then the Castle ward in Belfast with 161. Five wards in Ards and North Down - Newtownards, Bangor Central, Ards Peninsula, Comber and Bangor West - made the top 15 busiest areas for house sales.
Commenting on the NI market, Jordan Buchanan, CEO of PropertyPal said: “The Northern Ireland housing market has made a strong start to 2025, with approximately 6,200 agreed sales in the first three months of the year, broadly in line with the long-term average. Encouragingly, homes are selling faster than usual, taking an average of 47 days to secure a buyer and more than two weeks quicker than the historical average.
“This points to continued strength in underlying demand. Supporting this, buyer enquiries per property increased by 15% compared to the previous quarter, signalling strong momentum that is likely to carry into Q2.
“On the pricing front, the market has seen further acceleration. The average property now stands at £226,000, marking an 8% annual increase. Recent figures from Nationwide also place Northern Ireland at the top of the UK regional growth rankings, underlining the relative strength of the local market.
“Looking ahead, the outlook remains mixed as economic uncertainty clouds the medium-term picture. The Office for Budget Responsibility has recently halved its UK growth forecast, and new tax policies introduced by the Labour government are increasing business costs from this month. In addition, rising global trade tensions may further impact economic confidence and market sentiment.
“However, on the positive side, the labour market remains resilient, with earnings continuing to outpace inflation. This, combined with expectations of further interest rate reductions, should help improve affordability and sustain activity in the months ahead.”
In Derry City and Strabane, average house prices increased between Q1 2024 and Q1 2025. They were up 14% with the average house price in Derry City and Strabane being £204,409 in Q1 2025. House prices in the council area increase 3.9% in the first quarter of the year alone. In Causeway Coast and Glens, average house prices increased by 1.4% quarterly and 6.8% annually to £244,880. In Mid and East Antrim the rise was 5.3% year-on-year and 1.2% between quarters, to an average of £192,316. In Antrim and Newtownabbey the figures were £199,537 average price with an 8.5% annual rise and 2.2% quarterly rise. In Belfast the average price is £216,098 with a 7.8% annual rise and 1% quarterly rise. In Ards and North Down, the most expensive area to live in Northern Ireland, the average house price is now £278,466 following a 2.3% quarterly rise and an 8.8% annual rise. Lisburn and Castlereagh's average house price is £266,632 following a 5.9% year-on-year rise and 1.8% quarterly rise. For Newry, Mourne and Down, the increase was 9.1% annually and 3.2% quarterly for an average property price of £248,976. In Armagh, Banbridge and Craigavon the average property costs £198,811 following a 5.4% increase over the year and 1.8% over the quarter. Mid Ulster properties cost an average of £195,045 following a 6.2% annual price increase and a 2.3% quarterly rise. Fermanagh and Omagh's average price is £196,772 following a 4.1% rise over the year and 2.4% rise over the quarter.For all the latest news, visit the Belfast Live homepage here and sign up to our daily newsletter here.
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