THE average cost of a new home in Northern Ireland rose by more than 12 per cent in the year to June according to the latest survey of house prices.
The Ulster University's Quarterly House Price Index found a strong thee months of sales in the lead up to the EU referendum.
It found average house prices in the second quarter of the year to be £158,528.
Other surveys have suggested a fall back in house prices following the Brexit vote.
Although the Royal Institution of Chartered Surveyors in their survey also published today said they were already "bouncing back".
UU's report is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society.
It recorded a high volume of annual and quarterly house sales and also highlighted an increase of 8.8 per cent in the average house price since the first quarter of 2016.
Research by the university suggested the north's housing market was affordable despite the increase in average house price.
However, it revealed the percentage of properties sold at or below £100,000 had dropped from 32 per cent to 26 per cent over the quarter.
The university said this reflected higher demand from first time buyers, which was driving up the average price of entry-level properties to over the £100,000 mark.
Semi-detached houses remained the dominant property type at 33 per cent of those sold, followed by terraced/townhouses at 23 per cent, detached homes at 22 per cent and apartments at 11 per cent.
The share taken by newly built property is 14 per cent, slightly lower that the previous survey but still indicates a steady supply of private sector housing development.
Lead researcher, Professor Stanley McGreal said the data "suggests a buoyant housing market in Northern Ireland with this strong performance reflected across each of the property types".
“In particular the average prices of apartments and semi-detached houses have increased pointing towards a strong demand in these entry points to the housing market and also property types that attract investment activity," he said.
"Terraced/townhouses at £102,197 have increased by 27.3 per cent pointing to a strong first-time buyer market facilitated by an increase in mortgage approvals for this demographic.
“The research is developed with support from estate agents across Northern Ireland, and most paint an optimistic picture about the market. However a number of agents expressed concern that the increased uncertainty stemming from the EU referendum may impact on the market over the coming quarters if purchase decisions are delayed. At the same time low interest rates are reducing the cost of mortgage repayments, which is making the property market more attractive.”
Joe Frey, the Housing Executive's head of research added: “Northern Ireland’s housing market bounced back in the second quarter of 2016 to confirm the pattern of steady growth that has characterised the market over the last three years.]
"There may well be a downturn in the UK’s housing market as a whole over the next year, partly as a result of the Brexit vote, but given the sustainable rate of price increases in recent times in Northern Ireland, it is unlikely to impact significantly on the local market.”
Michael Boyd, Deputy Chief Executive and Finance Director, Progressive Building Society said the report "highlights that the highest property prices and volumes continue in the Greater Belfast area, but increases are noted across most areas of Northern Ireland".
“While house prices are rising, they still represent great value. Banks and building societies are eager to lend, ensuring a ready supply of low-cost mortgage options. This, together with high levels of employment locally should ensure the right conditions for continued sustainable growth in the housing market in the medium term," he said.
AVERAGE PRICES ACROSS NORTHERN IRELAND
North Belfast £104,620
South Belfast £217,948
East Belfast £187,027
West Belfast £120,859
North Down £192,156
Lisburn £189,397
East Antrim £119,369
Derry/Strabane £106,664
Antrim Ballymena £138,025
Coleraine/Limavady/North Coast £148,962
Enniskillen/Fermanagh/South Tyrone £144,159
Mid-Ulster £140,298
Mid and South Down £147,327
Craigavon/Armagh £127,910
