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Last Updated: Friday, 1 June 2007, 13:15 GMT 14:15 UK
Average house cost over 215,000
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House prices in Northern Ireland will continue to rise in 2007
Northern Ireland's average house price is now more than 215,000, according to a survey by the University of Ulster.

Prices are now ahead of Scotland, Wales and the whole north of England even though NI earnings tend to be lower than in most areas of Great Britain.

The report's authors found no signs so far of the market slowing down, despite recent interest rate rises.

They said investors were still strongly driving up prices, though they expected increases to slow later in the year.

Prices have gone up 46% in the past year and up 11% during the first quarter of 2007.

The survey covered a sample of 2,120 housing transactions involving more than 100 firms of estate agents across Northern Ireland between January and March.

Economist Alan Bridle, Bank of Ireland's NI head of research, said the long-awaited slowing of price inflation may have already begun.

"The survey shows that we are living through remarkable times in Northern Ireland, however in time, the first quarter of 2007 may prove to be the high watermark as far as Northern Ireland's rate of residential inflation is concerned," he said.

"Since Easter, close observation of the housing market would suggest that at long last, the local price boom may be starting to come off the boil with a return to a more normal market.

"Evidence to date is largely anecdotal, but it will be a major surprise if we are not reporting a slower rate of inflation in our next survey in the late summer."

Annual percentage increases by property type
Market sector Annual change
Terraced house 47.2%
Semi-detached house 52.7%
Detached house 35.8%
Semi-detached bungalow 51.3%
Detached bungalow 46.5%
Apartment 47.1%
Source: University of Ulster Quarterly House Price Index

Average house prices by region
Location Average price Q1
Northern Ireland - All 215,590
Belfast - All 207,543
North Belfast 178,050
South Belfast 256,524
East Belfast 228,469
West Belfast 182,176
North Down 226,419
Lisburn 259,035
East Antrim 187,972
Londonderry/Strabane 180,818
Antrim/Ballymena 208,900
Coleraine/Limavady/N Coast 256,032
Mid Ulster 244,293
Enniskillen/Fermanagh/S Tyrone 213,569
Mid Ulster 244,293
Mid & South Down 219,526
Craigavon/Armagh 222,617
Source: University of Ulster Quarterly House Price Index

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24 Jan 07 |  Northern Ireland
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14 Dec 06 |  Northern Ireland

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