Housing market is re-emerging in Northern Ireland
House prices in Northern Ireland are showing slow signs of recovery, the latest figures suggest.
The quarterly house price index from the University of Ulster revealed an overall growth of 2.1% in prices across Northern Ireland. It is hoped that this second consecutive quarter of growth is beginning to signal an end to the real estate crash.
In Belfast house prices rose 7.6% but are still down compared to pre recession levels. The average property price for a house in the city now stands at £176,418, while detached houses have been most successful at retaining their value.
Other areas of Northern Ireland, particularly the north and west, did not experience such high growth. The report states that the prices are what would have been expected if the growth levels from 2004 were projected forward.
With the average house price in Northern Ireland still significantly lower than that in England it could provide a good investment for when the housing market picks up again. In the days of the UK property boom prices in Belfast reached an average of just under £250,000.
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