House prices in Northern Ireland rise by 6% in a year

House prices in Northern Ireland from January to March were 6% higher than the same time last year, according to official figures.

This is the biggest annual rise in prices since 2016.

Detached properties saw the biggest rise in value, up 7.6% in a 12-month period.

Between January and March this year, 6,732 residential properties were sold, according to the latest from Northern Ireland Statistics and Research Agency.

The average price for a house in Northern Ireland is £149,178, ranging from £128,320 in Armagh City, Banbridge and Craigavon to £175,813 in Lisburn and Castlereagh.

Ards and North Down saw the biggest annual rise in house prices up 10.6% to £172,551.

The housing market was effectively paused between March and June 2020 because of lockdown which caused a build up of demand.

Estate agents have reported more inquiries from people who are now working from home, either moving home to Northern Ireland from Great Britain, for example, or moving to a bigger property with a garden.

It comes after the Chancellor Rishi Sunak extended the stamp duty holiday for anyone buying a home worth up to £500,000 before the end of June.

Stamp duty is a tax paid by house buyers, dependent upon the price of the property.

The tax break was introduced last year to stimulate the housing market and has been extended until the end of September by the chancellor in the latest budget.

The relief is being staggered and between March and June will remain at 0% on properties up to £500,000.

From June, the first £250,000 of the purchase price will be exempt from the tax, before the allowance returns to its pre-pandemic level of £125,000 from the start of October.

Since the discount was introduced, it has cost the treasury an estimated £3.8bn in revenue; about 2% of the government's total tax take.