Prices jump in Northern Ireland

Posted: 05 Jun 2007 10:36:11 GMT

Northern Ireland has seen house prices rise by nearly 50 per cent in the last 12 months, the latest figures suggest.

Northern Ireland has seen house prices rise by nearly 50 per cent in the last 12 months, the latest figures suggest.

According to a study from the University of Ulster, the average price of a property in the region has passed the £200,000 mark for the first time, following a jump of 11 per cent in the last three months.

The annual rate of house price inflation in Northern Ireland now stands at 46 per cent.

Commenting on the findings, Louise Brown, on of the study's authors, said that it was clear that sustained interest from property investors was having an impact on the local housing market.

"The Northern Ireland housing market is still strongly influenced by the role of investor activity which has driven price levels to new record highs in the first quarter of 2007, though our expectations are for lower rates of increase as the year progresses," she said.

However, concerns were also raised over the plight of first-time buyers who may find it more difficult than ever to afford their first home.

© Houseladder Ltd