Average house price on the North Coast now £128,659

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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.