House prices in Northern Ireland have risen by 5.5% over the past year, official figures have shown.

The NI Residential Property Price Index, which analyses most house sales in the region, released the statistics.

23,687 homes were sold in 2018 and prices increased across all council areas, ranging from 7.7% in Belfast to 1.6% in Mid and East Antrim.

The standardised house price stood at £136,669 in the final quarter of last year.

An SDLP MLA condemned the figures and said it is evidence that first time buyers are being priced out of the housing market.

-- Advertisement --

North Belfast representative Nichola Mallon said the result is that many people, despite working and saving hard, will find themselves trapped in expensive rented accommodation or staying in their parent's home well into their thirties because they cannot afford a deposit and mortgage on their own home.

"As the crisis in social housing grows and we have continued inaction when it comes to responsible reform of the private rented sector, home ownership is one of the few avenues open to alleviate pressure on the system. Yet as it stands, home ownership is becoming an option really only for the wealthy and those fortunate enough to avail of the bank of mum and dad.

"The SDLP is very conscious of the obstacles facing aspiring first time buyers. That is why we organised a recent round-table meeting with key housing stakeholders and the banks, to look at best practice, both on these islands and internationally, and to examine what more can and should be done to help first time buyers.

"This is yet another reason why we need a functioning Assembly and Executive."

(JG)