Craigavon house prices up by 3.2 per cent

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The average house price in Craigavon is now £115,002, which represents an increase of 3.2 per cent over the year with significant price movement during the last quarter.

The average sale price of terraced/townhouses rose over both the year and the quarter to £64,134.

Similarly detached houses have risen appreciably in average price level to £207,673.

In contrast, semi-detached houses rose by 9.4 per cent over the quarter but fell by 5.2 per cent over the year to £91,976.

A rising volume of house sales and a quarterly increase in prices in the last three months of 2013 is further evidence that the housing market is showing positive signs of recovery, according to the latest University of Ulster Quarterly House Price Index produced in partnership with Bank of Ireland UK and the Northern Ireland Housing Executive.

The number of transactions recorded by the survey in the fourth quarter of last year - October, November and December - rose to 1,758. While the increase was only slight, the previous quarter’s sales volume was the largest since the market peak in 2007.

The report highlights rising transaction levels which supports the general view of greater vibrancy in the Northern Ireland market.

The average house price in the final quarter of last year was £132,922, a weighted increase of 2.7 per cent over the third quarter. Although the average price was still down on a year previously, the report said the quarterly rise suggested that price levels were starting to respond to growing demand in the market.

Authors of the report - Professor Alastair Adair, Dr John McCord, Professor Stanley McGreal and Dr David McIlhatton – said, “A further rise in transaction volumes and evidence of rising prices in the final quarter of 2013 would suggest we may be witnessing an end to the effects of the lengthy downturn in the residential market in Northern Ireland, although there remain significant variations across the region.”

Northern Ireland now has a highly affordable price structure, the report said, with four in 10 houses selling at £100,000 or below. Altogether, 70 per cent of house sales during the quarter were sold for £150,000 or less. Thhis makes Northern Ireland a relatively low priced market offering potential value for money for purchasers.

Alan Bridle, economist at Bank of Ireland UK, said, “The latest survey offers further evidence that 2013 was the year of ‘bottoming out’.