Long time reader of this forum, thought I would highlight another example of flipping:
From £185K http://residential.btwshiells.com/property_specific.aspx?ID=2025
To £400K http://www.propertynews.com/Property/BELFAST/BTWEBBTWEB33694/4-Green-Road/
I remember seeing the original listing when I was looking in BT5 about 6 or 7 months ago.
Within my own area (BT5), there has definitely been an increase in demand / prices in semis and detached in nice areas over the last few months. Someone made a comment in another thread about very specific local demand in BT9, and I would agree with that in parts of the East. Decent houses in nice areas seem to be selling quickly and for (imo) high prices. Worrying for most of us, but there seems to be no shortage of people willing to pay big money to live in these areas.