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House prices up 11% – 19 November 2014

Prices have increased by nearly 11% in Northern Ireland over the last year – but remain well below their peak in 2007.

A house here would set a buyer back an average of £143,000, which is 45% below the pre-financial crisis high, the Office for National Statistics has revealed.

Prices across the UK as a whole leapt by 12.1% in the 12 months to September, marking the fastest annual growth seen since July 2007.

The sustained price increase that Northern Ireland has seen in the last year is attributed to the depth of the region’s property market collapse in 2007.

“I suspect we are just playing catch-up,” said Professor Paddy Gray, Professor of Housing at University of Ulster, who predicted that prices had now “bottomed out”.