GROWTH in the north's housing market has slowed according to a new survey, with the average price now £161,948.
The latest Quarterly House Price Index report from Ulster University has revealed a relatively healthy local housing market, despite weaker rates of price growth compared to the strong performance in the beginning of the year.
The latest figures, which cover July to September show an increase of 1.5 per cent over the year, with the overall average house price £161,948. It is slightly down on the average figure for the year to date, which stands at £162,994.
There were a total of 2,091 transactions in the last three months according to the survey, with the the distribution of sale prices similar to the previous quarter. The share of properties priced at or below made up almost a quarter (23 per cent) of the total, while those sold at or below £150,000 accounted for 60 per cent.
Overall, the analysis by price band is indicative of a relatively stable and affordable housing market in Northern Ireland, with price spreads relatively unchanged over the quarter.
South Belfast is the most expensive area to buy a home, with a house setting you back £241,982. By contrast an average house in north Belfast is priced at £118,985, with the west of the city the next affordable (£122,834).
Semi-detached houses continue to be the dominant sector, accounting for one third of all transactions, while the figures have revealed a considerable drop in the number of newly built properties sold, with the proportion falling to 19 per cent, compared to 28 per cent in the second quarter of the year.
Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society.
Dr Martin Hinch from Ulster University said the latest survey suggests a "slowing down" in the local housing market compared to the higher levels of increase observed earlier this year.
"This reflects a trend recorded elsewhere in the UK and seems to capture present uncertainty in the wider economy," he said.
Michael Boyd, deputy chief executive and finance director at Progressive Building Society added that the local house market remains in good health.
"While there were weaker rates of price growth in the most recent quarter, overall the Northern Ireland residential sector remains in a healthy position and the long term outlook is one of affordability were a sustainable local housing market can be maintained."
