Average house price just over £121k

Produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, the report recorded an increase in the number of house sales, with signs of greater stability in prices for the final quarter of 2012.

Tthe overall average price of £121,053 is largely unchanged over both the annual (down 0.3%) and quarterly time scales (up 0.2%) and provides evidence of greater stability in the local market. However, performance is variable by property type.

The overall average price of a house in Northern Ireland in the final quarter - October, November and December - was £138,969, virtually identical to that recorded in the third quarter and representing a small drop of 1.4% over the year.

The authors of the report - Professor Alastair Adair, Professor Stanley McGreal, Dr David McIlhatton and Dr John McCord said: “The current survey demonstrates some encouraging signs for the Northern Ireland housing market, notably the increased volume of transactions which suggests that there is greater activity in the marketplace, and the overall price level which has held steady over the past quarter.”

The report notes the affordable price structure of housing in Northern Ireland, with 69% of properties sold for £150,000 or below. Some 38% of the total were sold at or below £100,000 and the authors say this suggests there is considerable value in the local market for buyers.