Ulster University’s latest Quarterly House Price Index recorded a 7.8 per cent increase between the last three months of 2018 to the end of 2019, the Belfast Telegraph reports.

The average house price of £178,800 marked a 2.8 per cent jump from the third quarter of 2019.

Ards and North Down recorded the highest average house price at £203,124.

This was followed by Lisburn and Castlereagh, whose average stood at £195,362, ahead of Belfast at £174,427, Causeway Coast & Glens at £168,781 and Mid-Ulster at £153,122.

Dr Martin Hinch of Ulster University said that “there is much to be positive about for 2020 and beyond”.

“The market has shown resilience in the face of external economic and geopolitical challenges, and as we establish more stable government at both local and UK level, we can be optimistic about continued growth.

“Of course, there are still real challenges in relation to Brexit and trade negotiation outcomes for the longer term. However, Stormont’s return and the UK’s formal EU exit has at least alleviated some of the uncertainty we’ve experienced over the past three years.”

Michael Boyd, deputy chief executive at Progressive Building Society, said: “While Q4 2019 was very fluid both economically and politically at a national level, the passing of October 31 without a cliff-edge Brexit and the signing of the UK EU withdrawal agreement provided much needed stability at a local level.

“To build on the confidence within the market and maintain sustainable growth, the upcoming trade negotiations between the UK and the EU and the ease of flow of goods and services for NI businesses, need to be carefully navigated.”