Average house price in Mid Ulster now £106K

Property prices on the rise
Property prices on the rise

The average house price in Mid-Ulster is now £106,139 latest figures have revealed.

The figure shows evidence of market uncertainty with prices dropping back on average by 4.8 per cent over the quarter but up over the year by 3.7 per cent.

The average price of a terraced/townhouse is £75,177. While still competitively priced they have increased substantially over the year by 11.4 per cent though the average price has dropped back over the quarter by 5.8 per cent.

For semi-detached houses (£89,867) a more consistent picture is apparent increasing by 4.5 per cent over the year and by 8.6 per cent over the quarter.

Detached houses (£163,609) are illustrating a similar pattern with the average price up over both the annual and quarterly time periods, while detached bungalows £99,200 have a lower average price.

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.

In a joint statement, the authors of the report - Professor Alastair Adair, Dr John McCord, Professor Stanley McGreal and Dr David McIlhatton – said a further rise in property transaction volumes and evidence of rising prices in the final quarter of last year (2013) would suggest that the housing market is 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.