Houses selling for less than £30,000 as prices keep falling
HOUSES in the Dungannon District are now amongst the cheapest in Northern Ireland, and falling fast.
The average house price in the local district now stands at £95,630, down 13 percent on last year. In the past three months, house prices across Northern Ireland have fallen by 7%, one of the steepest falls since the property market collapsed.
The latest figures, which have been gathered by government statisticians using stamp duty returns, puts the average house price much lower than other house price indexes.
A separate report launched last week in partnership with Bank of Ireland and the Northern Ireland Housing Executive showed that the average house price in South Tyrone stood at £99,586.
The figures also reveal that the most common price of sold houses in the past year was in the £60,000 to £70,000 band.
Incredibly, a sizable proportion of houses are now selling in the £20,000 to £30,000 band.
Apartments have seen the greatest fall at 21% in the past year, with semi-detached seeing the smallest drop at 9%.
The Land & Property Services assisted by the Northern Ireland Statistics & Research Agency released the first Residential Property Price Index report for Northern Ireland.
The Index measures change in the price of residential property sold in Northern Ireland. The Index uses stamp duty information on residential property sales recorded by Her Majesty’s Revenue & Customs.
Whilst sales prices are falling, the overall number of properties sold is increasing. Around 2,600 verified residential Northern Ireland properties were recorded by Her Majesty’s Revenue & Customs in the first quarter of 2012.
This is a 9 per cent increase over the number recorded in the first quarter of 2011.
The Housing Executive’s head of research, Joe Frey, said: “This year’s review of Northern Ireland’s housing market confirms that it will be another very challenging year, not only for first-time buyers, but also for many existing home owners. It is important that Government and the private sector work together to come up with strategies to address the challenges.”
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Weather for Dungannon
Thursday 23 May 2013
Temperature: 5 C to 9 C
Wind Speed: 25 mph
Wind direction: North
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Wind direction: North