Average house price in Ballymena now £132,743

The overall average sale price (£132,743) saw an increase of 9.5% over the quarter and 5.5% over the year, although this is due in part to the sample mix and a strong performance in the first quarter of 2012.

The local terraced/townhouse sector, while having a low average price of £69,145, is up 15.2% over the quarter, detached bungalows rose by a similar rate of increase (14.5%) to £184,786, detached houses rose by 7.8% to £174,857 and semi-detached houses by 3.7% to £111,750.

Generally, the Northern Ireland housing market remains subdued with sales remaining low and prices still trending downward, according to the most comprehensive residential property survey of the region.

The latest University of Ulster Quarterly House Price Index produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, showed the number of transactions in the first quarter of this year was 925, slightly down on the 960 sales in the last three months of 2011, and exactly the same as the number of sales in the same quarter last year.

The overall average price of a house in Northern Ireland for the first quarter 2012 was £134,560 representing a weighted rate of annual decline of 10.6%, virtually the same rate recorded in the last quarter of 2011.

Although the overall trend is still downwards, the survey detected price increases in certain properties types in some areas of Northern Ireland.

The most expensive area in Northern Ireland remained South Belfast with an average of £211,434 while the lowest average price was North Belfast at £86,051, affected by a high proportion of lower-cost terraced/townhouse sales.

The authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - said: “We consider the generally weaker market in the first quarter of 2012 reflects a lack of confidence arising from the poor performance of the UK economy, with buyers still deferring decisions because of economic uncertainty, rising bills and concerns about job security.”

The survey highlights the availability of affordable properties in Northern Ireland. Some 35% of properties in the survey of 115 estate agents sold at or below £100,000. Collectively, more than 70% sold for £150,000 or less.

The new build sector of the market represented a third of all sales. The report says this is an over-representation that reflects difficulties in the market for existing homes.

The Housing Executive’s Head of Research, Joe Frey, said: “This year’s review of Northern Ireland’s housing market confirms that it will be another very challenging year, not only for first-time buyers, but also for many existing home owners. It is important that Government and the private sector work together to come up with strategies to address the challenges.”

The report’s authors added that the pattern of the Quarterly House Price Index since 2009 was one of uneven performance, suggesting the recovery is likely to be highly variable and inconsistent. The latest survey, they said, suggested that price levels may not yet have reached the trough of the cycle.