House Prices in the South Tyrone/Enniskillen/Fermanagh area have shown a reduction but remain stable, according to new research.
The latest Quarterly House Price Index report from Ulster University highlights sustainable and resilient annual price growth in Northern Ireland with the level of transactions remaining healthy.
Analysing the performance of the NI housing market between October-December 2018, the report reveals an overall average house price of £163,165, up 4.9% over the year. The volume of transactions in the survey is 1,954.
The average house price in Enniskillen/Fermanagh/South Tyrone (£162,975) has reduced significantly from the previous quarter which was influenced by the small sample size and the dominance of detached property. This quarter displays a reduction in the average price of detached houses (£210,556) although terraced/townhouses (£104,681), semi-detached houses (£131,675) and detached bungalows (£172,990) all indicate a quarterly increase in average price.
In Mid Ulster, the average price (£146,468) has increased over the year but at 1.6% the annual rate of increase at is lower than in recent reports suggesting a continued consolidation of price levels. The more moderate quarterly increase of 1.1% also supports this trend. In contrast to the last report detached houses (£204,304) performed less strongly and show a quarterly drop of 2.2%. Detached bungalows (£154,729), semi-detached bungalows (£107,363), and terraced/townhouses (£84,337) also display price reductions. Semi-detached properties (£127,814) performed more strongly over the quarter and indicate a quarterly increase of 3.9%.
Ulster University’s research is produced in partnership with Progressive Building Society and the NI Housing Executive.
The distribution of sale prices this quarter broadly reflects the previous quarter, with the share of lower priced properties at or below £100,000 at 22% while properties sold at or below £150,000 accounted for 58% of transactions compared to 60% in the previous survey. For the higher price brackets, 78% of transactions are at or below £200,000, 87% of properties sold at or below £250,000 and 93% at or below £300,000. Overall, the analysis by price band is indicative of a relatively stable and still affordable housing market in Northern Ireland, with price spreads relatively unchanged over the quarter.
Karly Greene, Head of Research at the Northern Ireland Housing Executive, which commissions the research, said: “The local housing market was relatively buoyant in 2018 against a mixed background of political and economic conditions, and most of these factors carry over into 2019.”