House prices in Craigavon back on the decline

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House prices in Craigavon are plummetting again, despite a rise in property prices across Northern Ireland.

According to the latest statistics, the overall average price of a house in Craigavon/Armagh is £95,807, down since the last quarter.

However over the entire year, there has been a 9.5% increase in the average sale price.

But price movements remain variable with semi-detached houses averaging £84,059 in price and up by 6.3% annually. Although this average price is lower over the quarter.

Detached houses, with an average price of £168,503, are down by 5.6% over the year.

Terraced/townhouses, which average at £59,713 remain competitively priced and have also dropped back in price over the quarter.

The statistics were issued on behalf of the University of Ulster, Bank of Ireland and the Northern Ireland Housing Executive

The volume of house sales across Northern Ireland in the third quarter of this year rose by more than 20% over the second quarter, according to the latest University of Ulster Quarterly House Price Index.

The number of transactions recorded by the survey in July, August and September was 1,706 which was the largest sample size in this survey since the peak of the local housing market in the second quarter of 2007.

Although the overall average price of residential property in the third quarter, at £129,777, was broadly similar to the previous quarter, the report said the improving volume of sales offered considerable comfort that the housing market was in recovery.

At regional level within NI price trends remain highly variable.

Lisburn remained the highest priced area in Northern Ireland with an average of £173,224 while North Belfast was the least expensive with an average of £85,756.

In Belfast the volume of sales at 537 was significantly up, indicating a more buoyant market, with South Belfast the highest priced market within the city. The overall average price in Belfast was £141,625, up 2.6% over the quarter but down by 5.7% over the year.