Dungannnon house prices rise twice as fast

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House prices in the South Tyrone area have surged ahead by 15 percent in the past year, one of the biggest increases since the crash of the property market in 2008.

The increase is double the average annual price rise across Northern Ireland, which was 7.8%.

According to Ulster University’s latest Quarterly House Price Index survey, the rise in the local area has been driven by strong sales of detached houses, with significant price increases bringing the average detached property price to £192,350.

However, the authors of the survey have urged caution, stating that the huge increase was influenced at least partially by the small market sample size, meaning that actual sales are still low.

The research has revealed an overall optimistic picture of Northern Ireland’s housing market. It indicates an increase in house prices and sales volume across Northern Ireland for the third quarter of 2015 both across the year and since the second quarter of 2015.

The overall average house price of £154,376 has increased 7.8 percent since the third quarter of 2014 and the short-term quarterly change captures the strengthened market conditions with an increase of 5.3 per cent.