Local houses sell at fastest rate since slump

Houses are selling at their fastest rate in Tyrone
Houses are selling at their fastest rate in Tyrone

It takes on average just over 30 weeks for the average Tyrone home to be sold, 20 weeks faster than in 2013, latest research has revealed.

According to the ‘Time on Market’ report, local property owners are benefiting from the fastest sale times since the reports were first compiled in 2009 at the height of the housing market slump.

Over the last year property owners have experienced on average a forty per cent fall in the time it takes to sell their home and an average 3% rise in price.

Apartments in Tyrone are selling the quickest with the average sale taking just 71 days, a massive 70% improvement on the previous year’s time, while detached houses are taking the longest to sell at 284 days.

Further evidence of an increased buoyancy in the local housing market has emerged with the news that the number of properties advertised for sale has more than trebled in the past year, rising from 245 properties last year to 811 this year.

Last year, Northern Ireland house prices climbed 3.3% - the first time in six years that figures had shown a year-on-year increase.

Official government figures show that over the course of 2013, prices have stabilised and gradually started to recover, with year-on-year increases picking up pace considerably last October and November -- 4.8% and 3.3% respectively. Those figures had all been in negative territory for many years previously.

House prices will grow by 4% in Northern Ireland in the next year, the Royal Institute of Chartered Surveyors (RICS) has predicted.