Average house price increases to almost £112k

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The average house price in the Londonderry and Strabane area is almost £112k, according to new Ulster University research.

The university’s Quarterly House Price Index Report, produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society, analyses performance of the residential housing market between October and December 2016.

According to the findings, the overall average house price in the Londonderry and Strabane area has significantly increased over the year and the quarter to £111,863.

Analysis of price levels indicates that all property sectors have performed strongly notably the terraced/townhouse sector with an average price of £81,755.

The semi-detached house market at £109,994 is up by 8.1 percent and the detached house market at £157,985 is up by 10 per cent over the year.

For the province as a whole, the research indicates a decrease in the average house price of 1.3 per cent over the year and 2.6 per cent over the quarter to £150,778.

Lead researcher, Professor Stanley McGreal from Ulster university, said: “This latest research highlights an overall downward trend in the local housing market. The weaker performance of the residential market is reflected across each of the property types.

“At a regional level there is some variability with a number of areas actually seeing an increase in overage average price over the quarter including East Antrim, Londonderry and Strabane, Antrim and Ballymena, North Coast, Mid Ulster, Mid and South Down, and Craigavon and Armagh.”

“Ulster University’s price analysis research is supported by estate agents who have a mixed opinion on the current state of the market. Their concerns could reflect the uncertainty of Brexit and the varying forecasts of the UK’s GDP dropping. Likewise, changes in taxation and stamp duty allowances brought forward in early 2016 may now be having a delayed impact on the market.”

The full report can be viewed at ulster.ac.uk/housing-market-reports