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08/06/2004
NI housing market shows sustainable rise
Northern Ireland’s housing market is growing at a much more sustainable rate than in the rest of the UK, with the cost of the average property going up by 8.6% over the year.
The figures, from the University of Ulster's Quarterly House Price Index, revealed that the overall average price of residential property reached a new high of £106,574, up just over 2% on the previous quarter, although there were strong regional variations across Northern Ireland.
The report, for the period January to March, is based on a sample of 1,921 open market transactions across the entire range of house types in what is traditionally a quieter part of the year for house sales.
The most expensive place to buy a house is south Belfast with an average price of £127,987, closely followed by Lisburn, while the most affordable location is north Belfast where the average is £84,567.
The authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Mrs Suzanne Allen - said the current state of the housing market contrasted with the more volatile rates of growth in previous years and with other parts of the UK where house prices are still increasing at a significant rate.
They said: “Our main conclusion is that the local housing market has remained relatively vibrant across most sectors. The 8.6% increase in the first quarter fits the pattern of price growth we’ve been observing in our recent reports.”
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, went through the 400 mark in the latest survey to 403.89.
The overall average price of a house in Northern Ireland is up very slightly on the previous quarter to £106,574.
(MB)
The figures, from the University of Ulster's Quarterly House Price Index, revealed that the overall average price of residential property reached a new high of £106,574, up just over 2% on the previous quarter, although there were strong regional variations across Northern Ireland.
The report, for the period January to March, is based on a sample of 1,921 open market transactions across the entire range of house types in what is traditionally a quieter part of the year for house sales.
The most expensive place to buy a house is south Belfast with an average price of £127,987, closely followed by Lisburn, while the most affordable location is north Belfast where the average is £84,567.
The authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Mrs Suzanne Allen - said the current state of the housing market contrasted with the more volatile rates of growth in previous years and with other parts of the UK where house prices are still increasing at a significant rate.
They said: “Our main conclusion is that the local housing market has remained relatively vibrant across most sectors. The 8.6% increase in the first quarter fits the pattern of price growth we’ve been observing in our recent reports.”
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, went through the 400 mark in the latest survey to 403.89.
The overall average price of a house in Northern Ireland is up very slightly on the previous quarter to £106,574.
(MB)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
