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NI house prices show sharp rise NI house prices show sharp rise
(about 1 hour later)
The average price of a home in Northern Ireland continues to rise by 25% - or £600 a week.The average price of a home in Northern Ireland continues to rise by 25% - or £600 a week.
The latest quarterly house price index, compiled by the University of Ulster, showed the average price of a home has hit £162,821, £31,000 more than 2005.The latest quarterly house price index, compiled by the University of Ulster, showed the average price of a home has hit £162,821, £31,000 more than 2005.
The report said the boom in property prices "showed no signs of weakening".The report said the boom in property prices "showed no signs of weakening".
It said the market had been driven by homeowners competing with investors in a market which had a relatively fixed supply of properties.It said the market had been driven by homeowners competing with investors in a market which had a relatively fixed supply of properties.
Price risePrice rise
Lisburn continues to be the most expensive region to live in Northern Ireland, with the average price of a house in the area now standing at £194,519.Lisburn continues to be the most expensive region to live in Northern Ireland, with the average price of a house in the area now standing at £194,519.
The highest priced Belfast location remains the south of the city, which has an average price of £188,149.The highest priced Belfast location remains the south of the city, which has an average price of £188,149.
This is followed by east Belfast with an overall average price of £184,500. The average price in west Belfast is £136,537, while the north Belfast average is £112,225.This is followed by east Belfast with an overall average price of £184,500. The average price in west Belfast is £136,537, while the north Belfast average is £112,225.
In East Antrim, the overall average price of £128,838 reflected a growth of more than 25%.In East Antrim, the overall average price of £128,838 reflected a growth of more than 25%.
In Antrim/Ballymena the overall average house price rocketed by 47.8% to £175,439, making it the highest growth region, with all property types recording significant increases.In Antrim/Ballymena the overall average house price rocketed by 47.8% to £175,439, making it the highest growth region, with all property types recording significant increases.
In Coleraine, Limavady and the North Coast, the growth was almost 21% to an overall average price of £185,049, with detached properties showing the most gains.In Coleraine, Limavady and the North Coast, the growth was almost 21% to an overall average price of £185,049, with detached properties showing the most gains.
In Londonderry/Strabane recent strong price growth continued, with the increase of 28.4% taking the average to £151,462.In Londonderry/Strabane recent strong price growth continued, with the increase of 28.4% taking the average to £151,462.
The Mid-Ulster market average price was £177,168, up more than 30% over a year.The Mid-Ulster market average price was £177,168, up more than 30% over a year.
In Enniskillen, Fermanagh and South Tyrone the strong housing market continued, up almost 28% over 12 months to an average price of £181,707.In Enniskillen, Fermanagh and South Tyrone the strong housing market continued, up almost 28% over 12 months to an average price of £181,707.
In Craigavon/Armagh the annual increase was a more modest 17.6% taking the overall average price to £148,033.In Craigavon/Armagh the annual increase was a more modest 17.6% taking the overall average price to £148,033.
The Mid and South Down markets performed strongly increasing the average home price over the year to £183,056, up more than 28%.The Mid and South Down markets performed strongly increasing the average home price over the year to £183,056, up more than 28%.
Average regional prices Belfast: £155,352 Coleraine/Limavady/North Coast: £185,049East Antrim: £128,838North Down: £173,285Lisburn: £194,519Antrim/Ballymena: £175,439Derry/Strabane: £151,462Mid-Ulster: £177,168Craigavon/Armagh: £148,033Mid & South Down: £183,056Enniskillen/Fermanagh/South Tyrone: £181,707Average regional prices Belfast: £155,352 Coleraine/Limavady/North Coast: £185,049East Antrim: £128,838North Down: £173,285Lisburn: £194,519Antrim/Ballymena: £175,439Derry/Strabane: £151,462Mid-Ulster: £177,168Craigavon/Armagh: £148,033Mid & South Down: £183,056Enniskillen/Fermanagh/South Tyrone: £181,707
The fastest increase was in the price of terraced houses, which rose by more than 30% over the year to just under £128,000.The fastest increase was in the price of terraced houses, which rose by more than 30% over the year to just under £128,000.
Similar competition was apparent in the apartment sector with price levels up on average by almost 28% over the year to £146,097.Similar competition was apparent in the apartment sector with price levels up on average by almost 28% over the year to £146,097.
The average price of a semi-detached house rose by 25% to £148,109, while semi-detached bungalows rose by almost 28% to an average of £140,193.The average price of a semi-detached house rose by 25% to £148,109, while semi-detached bungalows rose by almost 28% to an average of £140,193.
Detached bungalows also rose by about 25% to an average of £209,037.Detached bungalows also rose by about 25% to an average of £209,037.
Detached homes had the slowest growth at just over 17% to £238,102.Detached homes had the slowest growth at just over 17% to £238,102.
DemandDemand
Professor Alastair Adair, who compiled the report along with Professor Stanley McGreal and Louise Brown, said: "A key feature of the housing market is its ability to sustain high rates of growth over several successive quarters.Professor Alastair Adair, who compiled the report along with Professor Stanley McGreal and Louise Brown, said: "A key feature of the housing market is its ability to sustain high rates of growth over several successive quarters.
"Demand has been particularly strong with home-buyers often in competition with investors, while the supply of properties on the market is relatively fixed"."Demand has been particularly strong with home-buyers often in competition with investors, while the supply of properties on the market is relatively fixed".
Bank of Ireland's Head of Research in Northern Ireland Alan Bridle, said growth rates were exceptional and were expected to persist, at least for a while.Bank of Ireland's Head of Research in Northern Ireland Alan Bridle, said growth rates were exceptional and were expected to persist, at least for a while.
He said: "Tales of limited supply, lengthy queues for new releases and gazumping have been gaining even greater currency in recent weeks.He said: "Tales of limited supply, lengthy queues for new releases and gazumping have been gaining even greater currency in recent weeks.
"To give some measure of the scale of house price rises, average prices now at nearly £163,000 have risen by almost £70,000 in just four years.""To give some measure of the scale of house price rises, average prices now at nearly £163,000 have risen by almost £70,000 in just four years."
The latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, covered over 2,200 transactions reported by more than firms of estate agents in the second quarter of this year. The latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, covered over 2,200 transactions reported by more than 100 firms of estate agents in the second quarter of this year.
Since the survey's base quarter in 1984, the rate of house price growth in Northern Ireland has been well in excess of the general rate of inflation.Since the survey's base quarter in 1984, the rate of house price growth in Northern Ireland has been well in excess of the general rate of inflation.
The House Price Index is at a new peak of 614.54.The House Price Index is at a new peak of 614.54.