Research reveals average local house price as £134,455

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info@newrytimes.com
Wednesday, August 12th, 2015
Community, Politics
The average house price in the Mid and South Down area is £134,455 according to Ulster University’s latest Quarterly House Price Index report. landlordThe research, which is carried out by Ulster University in partnership with the Northern Ireland Housing Executive, analyses performance of Northern Ireland’s residential housing market between April and June 2015. The report highlights that the overall average price is slightly lower over the year and down by 4.6 per cent compared to the second quarter of 2014. It suggests that the lower price structure may reveal a consolidation of the local market following several quarters of recovery and reflects the sentiment of other market areas across the province. Semi-detached houses with an average price of £114,055 showed a slight increase of 1.4 per cent in average price over the year bur drops back compared to the first quarter. Terraced and townhouses at £75,778, detached houses at £184,271 and detached bungalows at £141,000 reduced in price over both the year and quarter. Apartments at £96,181 also have a significantly lower average price but against the trend are slightly up over the quarter by 1.9 per cent. house pricesThe University’s research provides evidence of Northern Ireland’s overall housing market indicating some slowing down both in terms of price growth and volume of sales for the second quarter of 2015. The overall average house price in Northern Ireland was £145,390for the second quarter of 2015. While higher than the average price for the same period last year at £139,720, it represents only a 2.4 per cent weighted rate of annual price increase. This is a significantly lower rate of annual growth compared to the 5.3 per cent weighted increase in house prices reported for the first quarter of 2015. Lead researcher, Professor Stanley McGreal from Ulster University said, “The University’s Quarterly House Price Index is designed to inform buyers in Northern Ireland’s residential housing market. “The recent findings highlight that while the average property price is up over the year, there is a quarterly decrease highlighting slower market conditions during the spring of 2015,” he added. The full report can be viewed at http://rpp.ulster.ac.uk/research/housing-index/q2-2015.pdf

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