20/02/2002

NI house prices still rising

A report by the University of Ulster has revealed that house prices in Northern Ireland are still rising, but the recent boom in the property market has slowed down.

The Northern Bank sponsored survey showed that those most affected by rising prices continue to be first-time buyers while the average price of a house in the province now stands at about £90,000.

The report revealed that while house prices continue to rise, the rate of increase is slowing down with the weighted annual increase now at 4.17 per cent compared with the equivalent quarter in 2000.

The highest rising sectors are in the detached house markets with average prices up by 8.51 per cent to £141,338; semi-detached houses by 6.59 per cent to £81,307; and semi-detached bungalows by 5.87 per cent to £74,349.

Detached bungalows rose by 3.59 per cent to £115,250 and terraced homes by 2.52 per cent to £63,537.

The report into house price trends for the fourth quarter of 2001 was prepared by the Centre for Research on Property and Planning at the University of Ulster in conjunction with the Royal Institution of Chartered Surveyors (RICS) and sponsored by the Northern Ireland Housing Executive.

(MB)

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