All sectors of the housing market in Craigavon and Armagh performed well between January and March, according to a newly-published report.
The Quarterly House Price Index, which is carried out by Ulster University in partnership with the Northern Ireland Housing Executive (NIHE), revealed that the average house price in the Craigavon and Armagh area is £134,856.
All sectors of the Craigavon and Armagh property market have performed well, with sharp increases in the annual and quarterly average price levelsQuarterly House Price Index
The report highlights that the overall average price for the first quarter of 2015 is significantly higher than recent surveys.
It also states that there has been a healthy increase in the volume of transactions, suggesting that the local market has returned to more buoyant conditions.
The report said, “All sectors of the Craigavon and Armagh property market have performed well, with sharp increases in the annual and quarterly average price levels.”
Terraced and townhouses are described as the main component of the local market in Craigavon and Armagh, with an average price of £84,117; semi-detached houses at £120,649; detached houses at £213,506, and detached bungalows at £157,488.
For Northern Ireland as a whole, the university’s research provides evidence of growth - both in terms of house price and volume of sales.
The overall average house price has increased to £147,409, representing a weighted growth of 5.3 per cent compared to the same period last year.
The report suggests a highly affordable price structure for housing in Northern Ireland, with two-thirds of houses sold at or below £150,000, which is likely to be driven by an increase demand from first-time buyers as the economic climate improves.
Lead researcher, Professor Stanley McGreal, from Ulster University, said, “Ulster University’s Built Environmental Research Institute has been driving research into Northern Ireland’s housing market for over 30 years and provides an indication of the state of the economy and buyer confidence. The most recent findings signal an improvement in the market, with more houses being sold at higher prices.”
Joe Frey, the Housing Executive’s head of research, said, “Ulster University’s House Price Index provides further confirmation that Northern Ireland’s housing market has been undergoing a steady recovery over the past two years.”
The full report from the Ulster University and NIHE can be found online, by visiting: www.ulster.ac.uk/__data/assets/pdf_file/0004/59647/HousingPriceIndexReportQ1_2015.pdf