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Average house price in the north up by 6% in a year

Properties for sale in east Belfast. The cooling of the Northern Ireland housing market could act as a catalyst for the return of ex-pats currently living and working elsewhere, property experts claimed today. PRESS ASSOCIATION Photo. Picture date: Thursday December 27, 2007. The Royal Institution of Chartered Surveyors believes rocketing house prices over the last couple of years had been impeding efforts to reverse the 'brain drain'. See PA story ULSTER Ex-pats. Photo credit should read: Paul Faith/PA Wire.
Properties for sale in east Belfast. The cooling of the Northern Ireland housing market could act as a catalyst for the return of ex-pats currently living and working elsewhere, property experts claimed today. PRESS ASSOCIATION Photo. Picture date: Thursd Properties for sale in east Belfast. The cooling of the Northern Ireland housing market could act as a catalyst for the return of ex-pats currently living and working elsewhere, property experts claimed today. PRESS ASSOCIATION Photo. Picture date: Thursday December 27, 2007. The Royal Institution of Chartered Surveyors believes rocketing house prices over the last couple of years had been impeding efforts to reverse the 'brain drain'. See PA story ULSTER Ex-pats. Photo credit should read: Paul Faith/PA Wire.

THE average house price in the north has risen by six per cent over the past year to £153,448 according to the latest figures.

The Quarterly House Price Index from Ulster University shows significant growth in the Northern Ireland housing market over the past year and marginal increases within the last quarter.

The report, which analyses performance of the housing market between January and March 2017, reveals an overall average house price of £153,448, up 5.9 per cent over the year and less than 0.5 per cent over the quarter.

In terms of annual performance, all property types have increased in average price, however over the quarter performance was more variable.

At a regional level a number of areas saw an increase over the quarter, including North Down, East Antrim, Londonderry and Strabane, Antrim and Ballymena, Mid and South Down, and Craigavon and Armagh.

The university research, produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society indicates that the volume of house sales for the first quarter of 2017 is lower than the final quarter of 2016, however it suggests this remains at a reasonably healthy level.

The analysis points to seasonal impacts on the market as cause of this negative adjustment and suggests that increased uncertainties arising from Brexit and the current political impasse locally may have also contributed.

The most expensive place to buy property in the north is south Belfast, which has an average price of £208,604, more than £40,000 more than the Belfast average (£160,317).

The cheapest place to purchase is within Enniskillen, Fermanagh and South Tyrone, which has a median price of £113,401, a full £40,000 less than the Northern Ireland average (£153,448).

Professor Stanley McGreal from Ulster University said the main finding of the report was that the overall housing market is experiencing some positive growth over the year, but over the quarter growth appears to be more static.

“We found there was a general feeling of uncertainty from agents concerning the performance of the market during the first quarter," he said

“Along with agents concerns around political instability and Brexit, they indicate an issue of supply in terms of good quality affordable homes. Agents are pointing to a demand, especially from first time buyers, that is potentially being curtailed by the lack of new build starter homes. In the opinion of many, there needs to be more new build activity to help boost sales."

Michael Boyd, Progressive Deputy Chief Executive and Finance Director added:

“These latest figures reflect the affordability there is in the housing market in Northern Ireland and despite political upheaval, the economy has shown its resilience with activity having grown by 2.1 per cent in the last quarter of 2016 and unemployment falling."

Average prices for property by regional area

Northern Ireland £153,448

Belfast average £160,317

North Belfast £108,373

South Belfast £208,604

East Belfast £175,660

West Belfast £130,725

North Down £185,952

Lisburn £171,516

East Antrim £132,705

L'Derry/Strabane £126,864

Antrim Ballymena £137,595

Coleraine/Limavady/North Coast £141,173

Enniskillen/Fermanagh/S.Tyrone £113,401

Mid Ulster £128,982

Mid and South Down £173,183

Craigavon/Armagh £141,743