Average east Antrim house price drops by 5.5 per over quarter

The latest Quarterly House Price Index, issued jointly by the University of Ulster, Bank of Ireland and the Northern Ireland Housing Executive, covered the first quarter of 2014 and showed the overall sales price in east Antrim rose by 5.3 per cent over the year, but fell 5.5 per cent over the quarter.

Detached houses showed the most consistent performance with an annual increase of 2.4 per cent and quarterly growth of 1 per cent to £191,092.

Semi-detached houses rose by 3.1 per cent over the year, but declined 4.2 per cent over the quarter to at £107,661.

Terraced/townhouses, an important sector of the local market, have fallen in average sale price to £59,490. In contrast, the average price of apartments has strengthened to £81,056.

Overall, the report indicated the gradual recovery in the Northern Ireland housing market is taking place in a “sustainable fashion”, with a weighted price increase of 1.3 per cent year on year, while the number of house sales continued to rise, with 1,805 transactions compared with 1,407 in the same quarter in 2013.

The average house price in NI in the first quarter of this year was £134,720 compared to £132,922 in the final quarter of 2013.

The authors of the quarterly report, Professor Alastair Adair, Dr John McCord, Professor Stanley McGreal and Dr David McIlhatton of the University of Ulster said: “Our first report on the market for 2014 provides evidence of the continuing improvement in Northern Ireland.

“The picture is one of a gradual recovery in a sustainable fashion, with increasing transaction volumes now being followed by general price rises, although there are still variations across different housing types and areas.”