Property in Northern Ireland is increasing in value by 20 per cent each year, with average house prices now reaching £139,520, according to a recent study.

Property in Northern Ireland is increasing in value by 20 per cent each year, with average house prices now reaching £139,520, according to a recent study.

Detached housing proved to be the biggest climber in terms of property type, rising in average value by 26.16 per cent, reported the University of Ulster Quarterly House Price Index.

The Bank of Ireland supported the survey. The head of research at the company, Alan Bridle, commented: "One factor at play is the attraction of property as an investment.

"Despite soaring prices, lenders report no let up in demand for buy-to-let finance or in the appetite of people to re-mortgage homes in order to buy a second property."

Urban areas performed particularly well, with prices in South Belfast being the highest out of the six counties at £176,266.

However, apartments fared less well, increasing by 11.5 per cent to an average value of £110,988.