House prices are on the rise

Age Concern Derry is based in Malvern House on Chapel Road.
Age Concern Derry is based in Malvern House on Chapel Road.

Craigavon and Armagh have seen the largest rise in average house prices, according to the latest survey by the University of Ulster.

The figures reveal that average prices leapt from £95,156 in the second quarter of 2014 to £112,971 in the same period this year.

The Craigavon and Armagh area saw the biggest increases, rising by more than 18% on the same period last year, according to the research carried out in conjunction with the Northern Ireland Housing Executive.

Last year the Craigavon and Armagh areas were bottom of the league table regarding house prices.

However, the latest figures show that the Craigavon and Armagh areas have crept up higher than the Derry and Strabane areas, which have average house prices this year of £112,909.

The average house price in Northern Ireland has now risen to more than £145,000, according to the survey.

And while the research showed some slowdown in sales and price rises over the last quarter, prices here are continuing to climb.

The overall house price in Northern Ireland stood at £145,390 between April and June.

That’s higher than the same period a year earlier - although the growth in prices slowed to 2.4% during the last quarter.

North Down and South Belfast came out ahead with the most expensive properties, averaging around £194,000.

And Dr Martin Hinch, who was involved in the research, said a slowdown could have been caused by the holiday season.

“Consumer confidence is also one area, for example, with the Bank of England announcing interest rates could rise, and other things such as the ongoing political situation, including welfare reform.”

But the local housing market continues to be extremely affordable when contrasted with other regions of the UK.

The research found that two-thirds of houses were sold at or below £150,000, with most property types witnessing a rise in the average price.