NI: Northern Ireland house prices up by nine per cent

House prices in Northern Ireland rose by nine per cent over the past year, according to the latest Ulster University House Price Index.

The latest report shows the cost of an average property reached £154,685 in the last quarter of 2015, with the highest prices in South Belfast.

The cost of an average property in South Belfast rose to £209,927 in Q4 2015, while the lowest average was £90,451 in L’Derry/Strabane.

The report was produced by the University of Ulster in partnership with the Northern Ireland Housing Executive (NIHE)

Joe Frey, NIHE’s head of research, said: “The most likely trajectory for the near future is one of sustainable growth in house prices. However, history teaches us that there are always ups and downs in the market. So at some stage it is inevitable that in tandem with wider economic forces the market will turn down again.

“Nonetheless, there is every reason to believe that this time the downturn will follow a much more sustainable upswing and will therefore not have anything like the detrimental consequences of the housing market slump of the mid 2000s.”

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