Average house price is now just over £152,000

Embargoed to 0001 Saturday January 17''File photo dated 14/10/14 of a general view of For Sale signs outside a block of flats, as the number of home owners moving house reached a seven-year high in 2014 as rising property values boosted the amount of cash they had sitting in their existing homes, a report has found. PRESS ASSOCIATION Photo. Issue date: Saturday January 17, 2015. An estimated 365,400 people moved home last year with a mortgage across the UK, marking an 8% year-on-year increase and the highest figure seen since 2007, Lloyds Bank found. The report said that surging house prices last year boosted the equity position of many home owners, helping them to make the jump up the property ladder. See PA story MONEY Homemovers. Photo credit should read: Andrew Matthews/PA Wire
Embargoed to 0001 Saturday January 17''File photo dated 14/10/14 of a general view of For Sale signs outside a block of flats, as the number of home owners moving house reached a seven-year high in 2014 as rising property values boosted the amount of cash they had sitting in their existing homes, a report has found. PRESS ASSOCIATION Photo. Issue date: Saturday January 17, 2015. An estimated 365,400 people moved home last year with a mortgage across the UK, marking an 8% year-on-year increase and the highest figure seen since 2007, Lloyds Bank found. The report said that surging house prices last year boosted the equity position of many home owners, helping them to make the jump up the property ladder. See PA story MONEY Homemovers. Photo credit should read: Andrew Matthews/PA Wire

The average house price in South Tyrone is just over £152,000 which, while high, is slightly down over the year by 2.3 per cent, according to the Ulster University’s latest Quarterly House Price Index report.

Average prices in this market area, as in previous surveys, are impacted by the relatively small sample size.

Given this caveat, terrace/townhouses (£98,990) continue to have a higher average price that is significantly above that for the third quarter of 2016 whereas detached houses (£184,483) have a reduced average price. Over the quarter, the average prices of both terraced/townhouses and detached houses are lower though semi-detached houses (£107,840) are higher.

A healthy performance by the housing market in Q3 2017, which saw prices increasing by 5.8% on average, suggests that uncertainty about wider macro-economy concerns may be diminishing.

Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society.

Analysing the performance of the Northern Ireland housing market between July-September 2017, the report reveals an overall average house price of £160,758, up 1.9% over the year. The volume of transactions in the survey is 2,295.

Activity during the first six months of 2017 was characterised by sluggish and variable rates of price growth though underpinned by strong sales volumes. The firming up of price levels in this quarter suggests that the housing market is picking up in the second half of the year.

According to the report the number of first-time buyers has increased, however, the reliance on the ‘bank of mum and dad’ remains a significant factor in these transactions.

Lead researcher, Professor Stanley McGreal from Ulster University said: “The latest survey of the Northern Ireland market shows a healthy performance during the third quarter suggesting that concerns about uncertainty in the macro-economy, the potential impacts of Brexit and the lack of a functioning local Executive are having a diminishing effect on the private housing sector.