£7K wiped off Dungannon homes

File photo dated 04/12/14 of a window of an estate agents, as small deposits are proving no obstacle when it comes to buying a home, with more than a quarter of buyers putting down less than 10% of their house price. PRESS ASSOCIATION Photo. Issue date: Monday August 10, 2015. Data from Nottingham Building Society showed the average homebuyer had a deposit of 29% over the past year. This includes all buyers, rather than simply first-timers. See PA story CONSUMER Mortgages. Photo credit should read: Daniel Leal-Olivas/PA Wire
File photo dated 04/12/14 of a window of an estate agents, as small deposits are proving no obstacle when it comes to buying a home, with more than a quarter of buyers putting down less than 10% of their house price. PRESS ASSOCIATION Photo. Issue date: Monday August 10, 2015. Data from Nottingham Building Society showed the average homebuyer had a deposit of 29% over the past year. This includes all buyers, rather than simply first-timers. See PA story CONSUMER Mortgages. Photo credit should read: Daniel Leal-Olivas/PA Wire

Dungannon homeowners have seen almost £7,000 wiped off the value of their properties in just three months as the housing market starts to cool after a sustained period of growth.

South Tyrone property prices have plummeted by almost 6 percent in the past quarter in spite of reporting a 9.7% increase since this time last year.

The average house price in the local area is now £134,954 according to Ulster University’s latest Quarterly House Price Index report.

For those hoping to get on the property market for the first time, the prospects have never been brighter, said local property expert Niall Maneely.

The Dungannon and Coalisland based estate agent said: “What we’re experiencing is the housing market drawing breath after more than a year of sustained growth.

“Things have slowed over the past quarter, but already, since July 12, we’ve noticed an upsurge in activity.

“We’re very fortunate to have a strong engineering sector in South Tyrone which provides good wages and has a beneficial knock-on effect on the rental and sales market.

“We are seeing people coming to work in the Dungannon area from all over Europe, and they are keen to buy into the local property market.

“Prices have never been more affordable, particularly for first-time buyers interested in terrace houses, town houses and apartments.”