House prices continue tofall in Lisburn

The average house price in the city now stands at £128,362 with “considerable variation in performance across all property types.”

The report, produced by the UU with the Bank of Ireland and the Northern Ireland Housing Executive, shows that over the quarter, the average price of semi-detached houses fell 7.4% and detached houses by 6.3% to £178,857.

However, over the year terraced/townhouses saw price growth to £102,235 while semi-detached houses fell by just 1.4% over the year to £137,288.

The authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - said: “We consider the generally weaker market in the first quarter of 2012 reflects a lack of confidence arising from the poor performance of the UK economy, with buyers still deferring decisions because of economic uncertainty, rising bills and concerns about job security.”

The report’s authors added that the pattern of the Quarterly House Price Index since 2009 was one of uneven performance, suggesting the recovery is likely to be highly variable and inconsistent. The latest survey, they said, suggested that price levels may not yet have reached the trough of the cycle.

The most expensive area in Northern Ireland remained South Belfast with an average of £211,434.