Average house price now sits at Â£136,567

File photo dated 13/08/17 of rows of terraced houses, as official figures show that annual house price growth accelerated in September. PRESS ASSOCIATION Photo. Issue date: Tuesday November 14, 2017. Across the UK, annual house price growth stood at 5.4% in September, up from 4.8% in August, according to figures released jointly by the Office for National Statistics (ONS), Land Registry and other bodies. See PA story ECONOMY House. Photo credit should read: Victoria Jones/PA Wire

While that is 3.7 per cent lower than last year, it represents a rise of 7.4% over the quarter.

The Northern Ireland housing market has continued to experience a steady rate of price growth in the first quarter of 2018, despite a slight decrease in sales volume, according to Ulster University’s latest Quarterly House Price Index report.

Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society.

Broken down by individual property type the figures show a highly variable picture with terraced/townhouses averaging £87,613, up by 10.1% over the year. Semi-detached houses are now at an average of £108,450, , down by 4.8% over the year.

Detached houses in the area average £215,108, largely unchanged over the year (up by 0.1%).

Similar variability of performance is also apparent over the quarter with higher average prices for terraced/townhouses and detached houses and a slightly lower average price for semi-detached houses, while detached bungalows (£144,994) also have a lower price structure this quarter.

Analysing the performance of the Northern Ireland housing market during January, February and March 2018, the overall average price for Northern ireland properties in the first quarter of 2018 was £163,621, representing an annual increase of 6.6% relative to the first quarter of 2017.

Allowing for differences in sample mix by property type, the weighted increase over the year is 4%.