NI prices rising a third a year says survey

Posted: 07 Feb 2007 10:30:52 GMT

Northern Irish house prices are growing at a rate of almost a third every year, a survey for the University of Ulster has said

Northern Irish house prices are growing at a rate of almost a third every year, a survey for the University of Ulster has said.

In some areas of the territory, property value climbed 65 per cent during the past 12 months alone, added researcher professor Stanley McGreal.

"The rate of annual increase at over 30 per cent has pushed the local housing market to new dimensions which could not have been predicted," he told the BBC.

"The big questions are whether this is a spike, how long can such rates of increase continue and what are the long-term implications for the housing market."

The city of Lisburn now has the highest average prices in Northern Ireland rising to almost £227,000 by the end of 2006.

The research has come alongside a warning from the SDLP that home repossessions have increased 130 per cent over the past five years.

Home seizures increased from 425 in 2001 to 973 in 2006 said the party, adding that price rises and relaxed lending term were placing homeowner finances in jeopardy.

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