HOUSE prices across the North of Ireland had their biggest annual increase since 2007 during the third quarter of 2021.
Prices in the Derry City and Strabane District Council and the Mid-Ulster area have rised by 14 per compaed to the same period in 2020.
The average prices for the North of Ireland over the same period was almost 11 per cent.
The average house price in the period was £159,109 though there are big variations between council districts.
They range from £140,983 in Armagh City, Banbridge and Craigavon to £183,392 in Lisburn and Castlereagh.
Many economists had expected house prices to fall during the coronavirus pandemic but instead they have risen sharply.
There are several factors behind that: the government temporarily cut taxes on house purchases and the furlough scheme helped support incomes.
The inability to spend on holidays and other luxuries meant some people could also build up larger deposits.
Richard Ramsey, chief economist at Ulster Bank, said that across the North of Ireland average prices were up 13.1% or almost £18,400 since the start of the pandemic.
Just over 7,500 transactions were recorded in the third quarter though this will be revised up when late sales are added.
Those figures suggest the housing market is at its busiest in many years.
In the past three years the number of transactions has averaged 25,000 but the trend this year suggests transactions will be about 28,000 – the highest since 2007.
