Confidence grows as house prices increase in Mid Ulster

Photo credit: Anthony Devlin/PA Wire
Photo credit: Anthony Devlin/PA Wire

House prices in Mid Ulster rose by just over 5% in the past year, according to the latest Quarterly House Price Index report from Ulster University.

The report reveals a relatively healthy housing market with strong but sustainable levels of house price growth over the last 12 months.

In Mid Ulster, the average price (£150,742) is up by 5.5% over the year and by 3.8% compared to the previous quarter.

Semi-detached houses (£135,920) with average sale price up by 12.9% is the best performing sector on an annual basis.

Terrace/townhouses (£99,160) are up by 5.8% and detached bungalows (£175,240) up by 4.6%.

These price gains are also apparent in terms of quarterly performance with both terraced/townhouses and detached bungalows having significantly strengthened from their respective weaker first quarter average prices.

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 April - June 2018, the report reveals an overall average house price of £162,215, up 6.2% over the year. The volume of transactions in the survey is 2,116.

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.

Estate agent perceptions are reasonably positive, with properties moving and a continued demand for quality housing. The number of newly built properties is appreciably higher in this sample (n=587, 28%), notably within the semi-detached house, detached house and apartment sectors.

Lead researcher, Dr Martin Hinch from Ulster University said:

“This Ulster University research provides a quarterly snapshot of the housing market, helping to inform those involved in the buying or selling process of local trends and developments.

“The latest survey of the health of the Northern Ireland housing market highlights a strongly performing sector with prices up on average by 6.2% over the year and transactions being maintained at high levels.”

Michael Boyd, Progressive Deputy Chief Executive/Finance Director, and co-sponsor of the report, added the confidence in the Northern Ireland housing market in the last year has been borne out in their latest report.