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01/03/2004
NI average house prices stay the same
Average house prices in Northern Ireland have remained static, according to latest figures released today.
According to the latest Quarterly House Price Index in the final quarter of 2003, the annual rate of house price inflation stayed at a relatively modest 6.8%.
The survey for the period from October to December last year showed that the overall average price of residential property was £105,863, virtually the same as the previous quarter – although there was some regional price growth outside the greater Belfast area.
The most expensive location remains south Belfast with an average price of £136,738, while north Belfast is still the most affordable with an average of £83,825.
Commenting on the report, authors Professor Alastair Adair, Professor Stanley McGreal and Louise Brown said: "The main message from the report is that house prices are continuing to rise but at a more moderate rate than in the recent past and indeed the final quarter figures for 2003 show a very slight dip in the house price index. "
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, declined slightly to 395.33 from its peak in the third quarter of 2003, reflecting the more variable performance of the market.
The report’s authors predicted it would exceed the 400 mark this year but its movement was likely to be constrained.
(MB)
According to the latest Quarterly House Price Index in the final quarter of 2003, the annual rate of house price inflation stayed at a relatively modest 6.8%.
The survey for the period from October to December last year showed that the overall average price of residential property was £105,863, virtually the same as the previous quarter – although there was some regional price growth outside the greater Belfast area.
The most expensive location remains south Belfast with an average price of £136,738, while north Belfast is still the most affordable with an average of £83,825.
Commenting on the report, authors Professor Alastair Adair, Professor Stanley McGreal and Louise Brown said: "The main message from the report is that house prices are continuing to rise but at a more moderate rate than in the recent past and indeed the final quarter figures for 2003 show a very slight dip in the house price index. "
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, declined slightly to 395.33 from its peak in the third quarter of 2003, reflecting the more variable performance of the market.
The report’s authors predicted it would exceed the 400 mark this year but its movement was likely to be constrained.
(MB)
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