HOUSE prices in Northern Ireland have continued to rise despite the uncertainty following the ending of the IRA ceasefire in February this year. It is expected prices will stabilise over the rest of the year.
According to a study by the University of Ulster for the Ulster Bank, house prices in the North increased on average by just over 11 per cent in the 12 month period from June 1995 to June this year.
Prices, however, are expected to consolidate for the rest of the year, according to the quarterly survey prepared by the university in conjunction with the Royal Institution of Chartered Surveyors (RICS).
One of the factors affecting that expected plateauing of property costs was the disturbances following from the Drumcree standoff, reported Mr Alastair McQuoid, a spokesman for the RICS.
The average overall price of properties in the North increased from £48,380 sterling to £52,886 in the 12 month period. An average house in Belfast costs £48,498 while some of the average price levels elsewhere are north Down, £56,045 Lisburn, £59,961 mid and south Down, £58,591 Derry/Strabane, £53,339 Fermanagh/south Tyrone, £53,207 and Craigavon/Armagh, £58,317.
The biggest sellers are apartments and terraced property with, prices rising by almost 16 per cent. Semi detached houses and bungalows increased in value by about 14 per cent, while detached property showed a lower rate of growth 11 per cent for detached bungalows, and 5 per cent for detached houses.
Mr Vincent Feeney, manager of house mortgages at the Ulster Bank, said that there was a continuing evident upward trend in house prices over the past coupled of years.
"Attractive mortgage rate offers allied to an active market during the peak season for buying houses have contributed to sustaining this level of growth in 1996 to date. However, there are indications that we may see a period of consolidation from here on," Mr Feeney added.
Mr McQuoid of the RICS said "A positive demand in favourable conditions has pushed up prices over the past year and some hefty increases are evident, particularly for good quality terrace houses and apartments. This is all very encouraging for those currently in home ownership."
