Average NI house costs £250,000

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The average house in Northern Ireland costs more than Â£250,000, according to the latest survey.

However, the University of Ulster quarterly house price index survey showed growth had slowed considerably and sales had fallen sharply.

The survey showed that priced growth slowed from 51% in the second quarter to 40% in the third.

Stanley McGreal, one of the report's authors, said the report represented a watershed for the housing market.

"There has been a clear change of sentiment reflected not only by the reduced rate of growth but a significantly lower sales volume, down by a third compared to the same quarter in 2006," he said.

"In essence, there are still high price levels but much lower growth rates and considerably reduced sales activity."

Bank of Ireland's Head of Research in Northern Ireland, economist Alan Bridle said: While the market temperature has obviously cooled, the analogy of the balloon going 'hiss' rather than 'pop' seems most appropriate.

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"In my view, the most telling statistics are the sharp drop in transactions and the evidence that prices are 'sticky' in most areas because they are not responding quickly to the signs of lower demand."

The Housing Executive's Head of Research, Joe Frey, said there was as yet no evidence of significant falls in actual house prices.

"First-time buyers in Northern Ireland are therefore going to continue to become an increasingly rare species for the foreseeable future," he added.

<a name="houses"> Annual percentage increases by property type Market sector Annual change Terraced house 40% Semi-detached house 41.3% Detached house 35% Semi-detached bungalow 37% Detached bungalow 45% Apartment 43% Source: University of Ulster Quarterly House Price Index </a>

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Average house prices by region Location Average price Q2 Northern Ireland - All Â£250,586 Belfast - All Â£258,332 North Belfast Â£212,913 South Belfast Â£280,287 East Belfast Â£264,793 West Belfast Â£214,225 North Down Â£279,127 Lisburn Â£284,599 East Antrim Â£222,759 Londonderry/Strabane Â£185,863 Antrim/Ballymena Â£222,193 Coleraine/Limavady/N Coast Â£285,938 Mid Ulster Â£292,931 Enniskillen/Fermanagh/S Tyrone Â£191,368 Craigavon/Armagh Â£241,410 Source: University of Ulster Quarterly House Price Index

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