Average house cost over £215,000

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.

Click here to see the table of results

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

Click here to return