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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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