Posted on Thursday 21 May 2015 by Ulster Business

House prices climb 5 percent

House prices in Northern Ireland have climbed 5.3% in the last year, according to new research from Ulster University and the Northern Ireland Housing Executive.

It put the average price of a house here at £147,409 in the first quarter of the year, the highest level since 2010, and said the number of houses changing hands also climbed by 16% over the year.

The boost to both prices and activity has been put down to a wide range of reasons.

“A complex web of related factors has been underpinning this recovery, including better labour market conditions, higher levels of consumer and business confidence, a greater willingness on the part of lenders to provide higher loan-to-value mortgages and renewed interest by investors in the private rented sector,” the report said.

Apartments have experienced the biggest annual price increase, rising 11.7% over the year to £110,545, semi-detached houses have climbed by 6.9% to £131,498, detached bungalows are up 6.2% to £157,140, detached houses are up 3.5% and terraces/townhouses are up 3.6% at £89,807.

When it comes to the different regions of Northern Ireland, the price movement over the last year has been variable.

Highest average prices are found in south Belfast at £182,806 and the lowest in north Belfast at £95,011.

Lead researcher, Professor Stanley McGreal from Ulster University said: “Ulster University’s Built Environment Research Institute has been driving research into Northern Ireland’s housing market for over 30 years and provides an indication of the state of the economy and buyer confidence. The most recent findings signal an improvement in the market with more houses being sold at higher prices.”

“At a regional level, the overall picture is of price growth with average prices in North Down and Lisburn the highest throughout the region.”

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