According to the latest University of Ulster House Price Index, the average house price in Craigavon now stands at £172, 644 - down by 24.2 per cent over the first quarter of the year and down by 22.4 per cent over the year.

However, Portadown estate agent Michael Hannath said he believes prices in the area will not have too much further to fall.

He said, “Our prices started to drop around last August - earlier than many other areas of the province - and the further price drops that are predicted are likely to affect some of these areas that have not experienced such a big drop.

“We have already had a 25-30 per cent fall in prices in the Craigavon area.”

Mr Hannath pointed to a lack of confidence in the local market but predicted that the climate should change soon and, once that happens, there will be a “flurry of activity” with regard to sales.

“We have found that there are lots of people out there who want to move but aren’t moving for a number of reasons. Some are caught in a chain, some have not been able to get a mortgage and others are sitting tight and waiting to see what happens in the market,” he said.

Libby Clarke of Joyce Estate Agents in Portadown said the drop in house prices and a 25 per cent rise in rental prices had led to only a marginal difference between the cost of buying and renting.

She said, “Some first time buyers have shelved the idea of buying altogether, but there are deals out there for them. My advice to first time buyers is to seek good, independent financial advice to see how much a mortgage will cost them every month. Then they can decide whether buying or renting is for them.

“The majority of houses we have sold in the first quarter of this year have been new-builds.