Slight drop in Mid Ulster house prices

Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society. It analyses performance of Northern Ireland’s residential housing market between January and March 2017.

According to the University research, in Mid Ulster the average price of £128,982 has dropped back from the high average prices recorded during 2016 with a 3.5 per cent decline over the year. However, in common with other market areas, performance by property type has been highly variable with the average price of terrace/townhouses of £90,746 strongly up over the year by 17.8 per cent.

Semi-detached houses at £119,001 are up by 5.5 per cent over the year though detached houses at £169,178 are down by 3 per cent and detached bungalows at £135,068 have a significantly lower average price. The picture of variable price change is replicated over the quarter with all sectors, apart from semi- detached houses with lower average prices.

For Northern Ireland as a whole the new Ulster University research reveals an overall average house price of £153,448, up 5.9 per cent over the year and less than 0.5 per cent over the quarter. This is a significant increased over the year, yet only a marginal increase over the quarter.

Lead researcher, Professor Stanley McGreal from Ulster University said: “This research is designed to provide a useful analysis tool for those wanting to buy or sell residential property in Northern Ireland. The main finding of this report is that the overall housing market is experiencing some positive growth over the year, but over the quarter growth appears to be more static. As part of our research, we gather insights from estate agents across the region.”