Local housing market continues to improve

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The average house price in the Craigavon and Armagh area is £134,856 - according to new Ulster University research.

The Quarterly House Price Index, which is carried out by Ulster University in partnership with the Northern Ireland Housing Executive (NIHE), analyses the performance of Northern Ireland’s residential housing market between January and March 2015.

The report highlights that the overall average price of £134,856 for the first quarter of 2015 is significantly higher than recent surveys. It also states that there has been a healthy increase in the volume of transactions, suggesting that the local market has returned to more buoyant conditions.

All sectors of the Craigavon and Armagh property market have performed well, with sharp increases in the annual and quarterly average price levels. Terraced and townhouses are described as the main component of the local market, with an average price of £84,117; semi-detached houses at £120,649; detached houses at £213,506, and detached bungalows at £157,488.

For Northern Ireland as a whole, the University’s research provides evidence of growth - both in terms of house price and volume of sales. The overall average house price has increased to £147,409, representing a weighted growth of 5.3% compared to the same period last year.

The report suggests a highly affordable price structure for housing in Northern Ireland, with two-thirds of houses sold at or below £150,000, which is likely to be driven by an increase demand from first-time buyers as the economic climate improves.

Lead researcher, Professor Stanley McGreal, from Ulster University, said: “Ulster University’s Built Environmental Research Institute has been driving research into Northern Ireland’s housing market for over 30 years and provides an indication of the state of the economy and buyer confidence. The most recent findings signal an improvement in the market, with more houses being sold at higher prices.”

The full report from the Ulster University and NIHE can be found online, by visiting: www.ulster.ac.uk/__data/assets/pdf_file/0004/59647/HousingPriceIndexReportQ1_2015.pdf