Northern Ireland the ''current property hotspot''

Northern Ireland is a promising place to build your own property as all of the top ten fastest rising property hotpots are within its borders, according to a new report.

A regional house price survey by Halifax has found that the largest growth in house prices across 489 UK towns and cities is located in Northern Ireland where the towns of Craigavon and Newtownards are particularly seeing increases in value.

House prices in these places have gone up by 55 per cent within the last year alone, with average prices now approaching the £200,000 mark.

"We expect the higher level of interest rates, negative real earnings growth and above inflation council tax bill increases to lead to slower house price growth over the coming months," said Martin Ellis, the chief economist at Halifax.

He explained that sound economic fundamentals and an ongoing shortage of housing supply will continue to support house prices.

Other Northern Irish towns with fast rising prices include Newry, Larne, Armagh, Newtownabbey and Belfast.


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