Slight increase in Mid-Ulster house prices reported
THE average house price in Mid-Ulster now stands at £148,256, representing a very slight increase of 0.6 per cent.
However, the picture of annual change was variable with terraced/townhouses down significantly over the year but with semi-detached houses marginally strengthening their average price.
The figures were contained in the latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive.
The survey pointed out that the rate at which house prices were falling had dropped from 35 per cent at the start of 2009 to just below seven per cent at the end of the year.
Across the Province, the overall average sale price over the year has increased slightly by 0.6 per cent.
And over the quarter there are signs of market recovery, with terraced/townhouses up by 5.8 per cent, semi-detached houses up by 5.1 per cent, and detached houses up by 6.8 per cent.
The authors of the report - Prof Alastair Adair, Prof Stanley McGreal, Louise Brown and David McIlhatton in a joint statement said this latest survey indicates an improving housing market.
“Although overall average prices are still down, the rate of price decline has slowed significantly, with prospects for a modest increase in price levels during 2010.”
The price statistics are based on a sample of 1,050 transactions in the fourth quarter of last year. Although that is about half of what would be expected under normal conditions, the report said there had been a significant increase in the number of sales from recent surveys, suggesting a recovery in the market could be underway.
And the economist Alan Bridle, Head of Economics and Research at Bank of Ireland Northern Ireland, said the survey is encouraging.
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