Stockbroker Davy will today open its first office in Northern Ireland. Located in Belfast, the office will initially focus on serving the broker's network of private clients by providing wealth management services and investment opportunities. It will employ six investment advisers and support staff.

Commenting on the move, Davy chief executive Tony Garry said: "We have always had strong client relationships in Northern Ireland. [ This office] will provide an additional engine for growth at Davy."

To coincide with the opening, Davy has published its first report on Northern Ireland and its economy. It shows that house prices north of the Border continue to rocket. Average house prices jumped by 50.4 per cent year-on-year in July to £242,000, making it more expensive than the Republic. Average house prices are now more than 11.5 times annual income.

Average earnings in the North are the equivalent of €31,000 compared with €39,000 in the Republic. "We think house prices in Northern Ireland are now highly speculative," Davy said.

The report also states that the North has the second-lowest unemployment rate - after the Netherlands - in the EU at 3.4 per cent.

Davy is not the only stockbroker in the State eyeing up the North. In May, Goodbody Stockbrokers said it had appointed Gerry McGinn, a senior civil servant in the North, to head up a Belfast office. Goodbody is awaiting approval from the Financial Services Authority and expects to open by the end of this year.