House price boom in Northern Ireland

Posted: 07 Apr 2006 11:03:07 GMT

            Property News - House price boom in Northern Ireland

The housing boom is continuing unabated in Northern Ireland, according to figures released by Nationwide.

The building society revealed that prices in the province rose significantly in the first quarter of 2006, jumping by 17.6 per cent, three and a half times greater than the British average increase for the period.

Northern Ireland had been the cheapest part of Britain to buy property, but it is now more expensive than Scotland and the north of England, seeing average house prices of £129,321.

"We expected stronger than average house price inflation in Northern Ireland but not the large acceleration in the annual house price inflation rate", said Fionnuala Earley, Nationwide group economist.

The survey also saw growth in London exceed the national average for the first time in several years. Inflation in the capital hit five per cent year on year, compared to 4.9 per cent for the UK as a whole.

But like other analysts, the Nationwide's group economist commented that the market could slow if the economy does not begin to exceed trends and affordability continues to decrease.

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