House prices in Northern Ireland are growing at a modest and sustainable rate, compared with the breakneck rises seen in the rest of the UK.
Prices grew at a “steady but unspectacular” 8.6% in the 12 months to April according to the latest quarterly house price index from the University of Ulster, with the average property now costing £106,574.
Alan Bridle, economist at the Bank of Ireland, which helps produce the report, believes the figures are good news for the province.
He says: “Developments in the housing market on this side of the Irish Sea appear somewhat semi-detached from the frenzy in mainland Britain and we should take comfort from that.”
However, the situation is not as simple as the headline figures suggest with some areas still booming while others sag – and a buy-to-let market that is gradually running run out of steam.