Average house cost over £215,000

http://news.bbc.co.uk/go/rss/-/1/hi/northern_ireland/6712089.stm

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Northern Ireland's average house price is now more than Â£215,000, according to a survey by the University of Ulster.

Prices are now ahead of Scotland, Wales and the whole north of England even though NI earnings tend to be lower than in most areas of Great Britain.

The report's authors found no signs so far of the market slowing down, despite recent interest rate rises.

They said investors were still strongly driving up prices, though they expected increases to slow later in the year.

Prices have gone up 46% in the past year and up 11% during the first quarter of 2007.

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The survey covered a sample of 2,120 housing transactions involving more than 100 firms of estate agents across Northern Ireland between January and March.

Economist Alan Bridle, Bank of Ireland's NI head of research, said the long-awaited slowing of price inflation may have already begun.

"The survey shows that we are living through remarkable times in Northern Ireland, however in time, the first quarter of 2007 may prove to be the high watermark as far as Northern Ireland's rate of residential inflation is concerned," he said.

"Since Easter, close observation of the housing market would suggest that at long last, the local price boom may be starting to come off the boil with a return to a more normal market.

"Evidence to date is largely anecdotal, but it will be a major surprise if we are not reporting a slower rate of inflation in our next survey in the late summer."

<a name="houses"> Annual percentage increases by property type Market sector Annual change Terraced house 47.2% Semi-detached house 52.7% Detached house 35.8% Semi-detached bungalow 51.3% Detached bungalow 46.5% Apartment 47.1% Source: University of Ulster Quarterly House Price Index </a>

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Average house prices by region Location Average price Q1 Northern Ireland - All Â£215,590 Belfast - All Â£207,543 North Belfast Â£178,050 South Belfast Â£256,524 East Belfast Â£228,469 West Belfast Â£182,176 North Down Â£226,419 Lisburn Â£259,035 East Antrim Â£187,972 Londonderry/Strabane Â£180,818 Antrim/Ballymena Â£208,900 Coleraine/Limavady/N Coast Â£256,032 Mid Ulster Â£244,293 Enniskillen/Fermanagh/S Tyrone Â£213,569 Mid Ulster Â£244,293 Mid & South Down Â£219,526 Craigavon/Armagh Â£222,617 Source: University of Ulster Quarterly House Price Index

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