The property market in mainland Britain may be slowing, but that is not the case in Northern Ireland. Indices vary, but the trend is crystal clear: homeowners in Northern Ireland are reaping the peace dividend big time.

The Halifax, using mortgage data, says prices have soared 37% in the year to April; a University of Ulster survey based on completed property transactions shows a typical home has risen by 46% in the same period; and the Nationwide, again using mortgage offers, beats them all, stating prices that have rocketed by 57.6%.

All three show that an average home in Northern Ireland costs more than £200,000 – making it the fourth most expensive UK region, behind London and the southeast and southwest of England. It is a far cry from this time in 2005, when only Scotland had lower prices than the province. “The 10 towns with the biggest rises in the UK during the past year are all in Northern Ireland,” says Rory Allen of Halifax estate agents in Belfast. “A strong economy, high levels of immigration and high demand from second-home buyers and buy-to-let investors in the Republic have significantly boosted prices in the north.”

Average property price: £256,500

Annual increase: 46% (University of Ulster)

Predictions: Prices are growing more slowly, although they surged an average 11% in the first three months of 2007 alone. Knight Frank expects prices to end the year 15% up

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