 House prices showed an annual increase |
House prices in Northern Ireland are continuing to rise, new figures say. The University of Ulster's quarterly house price index reveals the overall average price of residential property has reached a new high of �114,150.
The survey for the quarter from July to September showed growth over the year was 9.85%.
Detached bungalows showed the strongest annual rise and terraced housing also performed well. However, apartments showed a drop of 2.11% over the year.
The report said that despite this, apartments were taking a growing share of the market.
The authors of the study said: "With an annual rate of increase just below 10%, the market in Northern Ireland does not appear to be suffering any reversal in average price as a result of higher mortgage rates - contrary to some recent surveys of the wider UK market.
"However, we believe the effect of higher rates may become more apparent in future quarters."
The survey showed considerable variation in house prices across the different regions of Northern Ireland but for most areas the picture is still one of growth.
Mid and South Down was the top performing market over the year with an increase to 21.36% to an average of �130,771.
The average price was up more than 6% over the previous quarter with most sectors of the market seeing growth.
 Prices have dropped in some parts of the UK |
The Mid-Ulster annual increase of almost 17% pushed the average price to �116,785, up 1.77% on the previous quarter.
In the Londonderry and Strabane area, the overall average price of a house has now exceeded the �100,000 mark, with an annual rate of increase of almost 14%.
Enniskillen/Fermanagh/South Tyrone saw an annual rise of 8.92% to an average of �116,851.
The highest priced city location remains south Belfast where prices went up by 12.21% over the year to an average of �153,716 - making it the most expensive place in Northern Ireland to buy a house.
In Belfast, the overall average price of �113,902 showed a growth of 7.76%.
In North Down, the average price of �120,892 represented a decline of 3.8% over the year due to lower prices for detached houses and apartments.
Remains strong
In Lisburn, the overall average price of �127,354 represents an annual increase of 5.36%.
In the north and north west, the market remains strong but with variations.
In Antrim/Ballymena, the average house price of �104,900 was slightly down over the year (0.58%) but up 2.21% over the last quarter.
In Coleraine, Limavady and the north coast, the cost of property has risen appreciably with an annual increase of 8.44% to �117,354.
In the south, Craigavon/Armagh experienced an annual price inflation just over 12% to an average of �108,582.
The report from the University of Ulster is based on a sample of 2,102 open market transactions across the entire range of house types.
| Annual percentage increases by property type |
|
| Market sector | Annual change |
| Terraced house | 13.16% |
| Semi-detached house | 9.18% |
| Detached house | 8.65% |
| Semi-detached bungalow | 11.24% |
| Detached bungalow | 17.54% |
| Apartment | - 2.11% |
| Source: University of Ulster Quarterly House Price Index |
| Average house prices by region |
|
| Location | Average price Q3 |
| Northern Ireland - All | �114,150 |
| Belfast - All | �113,902 |
| North Belfast | �85,174 |
| South Belfast | �153,716 |
| East Belfast | �126,924 |
| West Belfast | �87,621 |
| North Down | �120,892 |
| Lisburn | �127,354 |
| East Antrim | �97,461 |
| Londonderry/Strabane | �100,606 |
| Antrim/Ballymena | �104,900 |
| Coleraine/Limavady/N Coast | �117,354 |
| Enniskillen/Fermanagh/S Tyrone | �116,851 |
| Mid Ulster | �116,785 |
| Mid & South Down | �130,771 |
| Craigavon/Armagh | �108,582 |
| Source: University of Ulster Quarterly House Price Index |
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