House prices have been rising faster in Northern Ireland than anywhere else in the UK and in May 2022 the average price of a house in Northern Ireland was £185,386, an increase of more than £23,500 compared to May 2021 and an uplift of 15.2%. However, even at £185,386, property is still more affordable in Northern Ireland than in total UK where the average house price was £289,099 in May 2022.\n\nAccording to a different source which is more detailed but just covers the first three months of 2022, house prices have increased on all types of property in Northern Ireland from detached to apartments, and also in every single District of Northern Ireland, with the highest increases seen in Causeway Coast and Glens, and also in Armagh City, Banbridge and Craigavon. The most affordable district is Derry City and Strabane, and the district where house prices are the highest is Lisburn and Castlereagh.\n\nHouse prices and percentage change over 12 months\n\n\n\t\n\t\t\n\t\t\t \n\t\t\tStandardised price\n\t\t\tQ1 2022 \n\t\t\tPercentage change since\n\t\t\tQ1 2021 \n\t\t\n\t\n\t\n\t\t\n\t\t\tDerry City and Strabane \n\t\t\t£145,741\n\t\t\t9.40%\n\t\t\n\t\t\n\t\t\tArmargh City, Banbridge and Craigavon\n\t\t\t£146,577\n\t\t\t14.00%\n\t\t\n\t\t\n\t\t\tMid and East Antrim\n\t\t\t£151,794\n\t\t\t11.70%\n\t\t\n\t\t\n\t\t\tBelfast\n\t\t\t£152,603\n\t\t\t6.80%\n\t\t\n\t\t\n\t\t\tFermanagh and Omagh\n\t\t\t£153,267\n\t\t\t13.00%\n\t\t\n\t\t\n\t\t\tMid Ulster\n\t\t\t£159,605\n\t\t\t11.80%\n\t\t\n\t\t\n\t\t\tAntrim and Newtownabbey\n\t\t\t£166,678\n\t\t\t8.60%\n\t\t\n\t\t\n\t\t\tNewry, Mourne and Down\n\t\t\t£176,796\n\t\t\t13.50%\n\t\t\n\t\t\n\t\t\tCauseway Coast and Glens\n\t\t\t£183,110\n\t\t\t14.80%\n\t\t\n\t\t\n\t\t\tArds and North Down\n\t\t\t£187,947\n\t\t\t9.10%\n\t\t\n\t\t\n\t\t\tLisburn and Castlereagh\n\t\t\t£189,986\n\t\t\t7.90%\n\t\t\n\t\t\n\t\t\tNorthern Ireland\n\t\t\t£164,590\n\t\t\t10.40%\n\t\t\n\t\n\n\n\n\nWhat does this mean for buyers and sellers?\n\nIt is certainly a good time to sell then, particularly if you are thinking of down-sizing. It’s also a good time to buy as there are still attractive mortgage deals available, which may or may not last, given the economic headwinds. Whatever your moving plans, Reeds Rains has 7 branches in Northern Ireland and teams of highly knowledgeable local experts who can advise on the value of your property and introduce you to specialist mortgage advisers. \n\nBook a property valuation\n\nYOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.\n\nEmbrace Financial Services usually charges a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £499 to £999 and this will be discussed and agreed with you at the earliest opportunity.