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01/12/2003
NI average house price slowing down
The average house price in Northern Ireland is continuing to slow down, latest figures have revealed.
Issued on behalf of University of Ulster, Bank of Ireland and the Northern Ireland Housing Executive, the latest University of Ulster Quarterly House Price Index showed that annual growth rate in house prices is now 5.36%.
The survey for the third quarter of this year showed that the overall average price of residential property rose to £105,779, exceeding the previous high set in the second quarter of this year.
The survey, which was based on a sample of 2,577 transactions, revealed that the most expensive location remains south Belfast where the average price was just short of £140,000, while north Belfast is the least expensive, with an average of £77,629.
Commenting on the report, co-authors Professor Alastair Adair, Professor Stanley McGreal and Louise Brown, stated: "The annual growth rate of 5.36% suggests a pegging back in house price inflation though the average price is still on an upward trajectory. With the first signs of interest rates starting to creep upwards, the housing market may be facing a slower phase of price growth."
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, is now 396.76 representing a new peak figure.
(MB)
Issued on behalf of University of Ulster, Bank of Ireland and the Northern Ireland Housing Executive, the latest University of Ulster Quarterly House Price Index showed that annual growth rate in house prices is now 5.36%.
The survey for the third quarter of this year showed that the overall average price of residential property rose to £105,779, exceeding the previous high set in the second quarter of this year.
The survey, which was based on a sample of 2,577 transactions, revealed that the most expensive location remains south Belfast where the average price was just short of £140,000, while north Belfast is the least expensive, with an average of £77,629.
Commenting on the report, co-authors Professor Alastair Adair, Professor Stanley McGreal and Louise Brown, stated: "The annual growth rate of 5.36% suggests a pegging back in house price inflation though the average price is still on an upward trajectory. With the first signs of interest rates starting to creep upwards, the housing market may be facing a slower phase of price growth."
The value of the Northern Ireland House Price Index, which is calculated relative to the base quarter for the survey in 1984, is now 396.76 representing a new peak figure.
(MB)
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UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
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Northern Ireland’s housing market is holding up and unlike other parts of the UK has yet to experience any reversal, according to the region’s most authoritative survey of house prices. The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
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Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
