Property meltdown: Dungannon homes sink to £20K mark

THE property market meltdown has now pushed the price of Dungannon’s houses to as low as £20,000, meaning that for the financially secure, local homes can now be bought on a credit card.

In fact, the Dungannon District housing market is flooded with homes for under £50,000, when even a year ago such rock-bottom prices were rare.

One property website has as many as 14 local properties up for sale for less than £50,000.

The glut of super-cheap properties hitting the market indicates that prices are now more than 70 percent below their peak in 2007.

Among the cut-price bargains available to Dungannon District house-hunters and investors are a two bedroom end-terrace in Woodburn Crescent, which is on the market for £20,000, a two bedroom house in Moygashel Park with an asking price of £38,500, a two bedroom terrace house in Milltown Street ready to go under the hammer for £39,950, and a four-bedroom house in Mullenakill Park on offer for £42,000.

House prices in Northern Ireland are continuing to fall despite an increase in transactions, according to the latest figures.

House prices dropped by 13% last year. Between quarter three (July-September), and quarter four (October-December), residential property prices fell by 3%.

The Royal Institute of Chartered Surveyors and Ulster Bank survey said the overall pattern was likely to remain the same for the near future.

The report suggested transactions were up in the three months to the end of January.

They expect sales to rise in the next three months.

RICS Northern Ireland housing spokesman Tom McClelland said: “We will see some seasonal adjustments in the market, but on the whole, the overall pattern will remain largely the same for the foreseeable future due to the challenging micro and macro-economic conditions.

“Average prices will likely edge lower, with transactions volumes likely to rise modestly. However, it is not a uniform picture and some areas and property types will have different experiences.”

Derek Wilson of Ulster Bank said: “We remain strongly committed to the mortgage market in 2013 and to introducing measures to further support and enable borrowers, building on the £1.5bn we have lent into the Northern Ireland housing market in the last five years.”