Housing prices in Northern Ireland have risen by more than £200 per day, a new survey has revealed.

The University of Ulster quarterly house price index also revealed the average home in the province costs more than £240,000.

The study, which covers the period from April to June of this year, showed prices were up by more than 51 per cent over the year and 10.5 per cent over the quarter.

However, it is thought the market may slow down for the second part of the year.

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Bank of Ireland economist Alan Bridle said the findings "confounded" expectations of price moderation.

"The survey shows that the market seems oblivious to such pressures and influences as the rising cost of borrowing and house prices falling on the other side of the border," he said.

"There is general agreement that the long-term health of the Northern Ireland market would be best served by an orderly cooling off in price growth.

"This remains our core expectation with a return to a prolonged period of single digit percentage increases on average."

The University of Ulster report also revealed semi-detached houses showed the greatest inflation of 62.6 per cent, and terrace houses rose by 55 per cent.

South Belfast had the highest prices, with the average home costing £302,436.

(JM/SP)