Northern Ireland house prices rocket

Solicitors in Northern Ireland have seen massive rises in property prices over the past 12 months, according to new figures.

Research carried out by the University of Ulster found that house prices in the region jumped by 37 per cent over the course of 2006, as demand for property in Northern Ireland showed no sign of abating.

The average price of a house in Northern Ireland is now £195,751, making it one of the most expensive places in the UK outside the south of England.

Northern Ireland solicitors are being kept busy by the apparently insatiable demand for housing, with properties spending very little time on the market before being snapped up by eager purchasers.

One of the authors of the University of Ulster quarterly house price index, Professor Stanley McGreal, commented: "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."

Lisburn was found to be the most expensive area in Northern Ireland, with an average house price of around £227,000, while some parts of the region have seen prices rocket by 65 per cent in the past year alone, the research revealed.

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