New survey shows house prices falling in Craigavon area

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House prices in the Craigavon area are going down according to the latest research by the University of Ulster.

The average price in Craigavon and Armagh is £115,866.

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The NI Quarterly House Price Index, which is carried out by Ulster University in partnership with the NI Housing Executive and Progressive Building Society, analysed performance of the local residential housing market between January and March 2016.

The report highlights an average house price of £115,866 was lower in the first quarter of 2016 than during the strong final quarter of 2015. Analysis by property type reflects this overall position with the average price of terraced/townhouses dropping to £56,379, semi-detached to £102,545, detached houses to £155,762 and detached bungalows to £138,658. The overall average NI house price of £146,472 for the first quarter of the year is lower than might have been anticipated. Two thirds of houses were sold at or below £150,000 making NI a buyer’s market.

Michael Boyd, of Progressive said: “NI has experienced consistent growth within the housing market over the last 18 months, with a strong performance in 2015. With projections for further growth within this sector, strong market transactions in Q1 have reflected that confidence. However a number of factors including the Brexit debate, EU referendum, elections and stamp duty changes have contributed to the cooling of prices.”