Average house price is £103k

The Quarterly House Price Index, which is carried out by Ulster University in partnership with the Northern Ireland Housing Executive, analyses performance of Northern Ireland’s residential housing market between January and March 2015.

The report highlights that the overall average house price in the area is up by 6.8 per cent over the year but down compared to the strong performance in the final quarter of 2014.

It describes the performance in this market area as variable with individual property types revealing contrasting patterns.

The average house price for semi-detached houses of £106,866 is an increase from the same quarter last year, however is lower than the fourth quarter of 2014.

Terraced and townhouses have an average price of £60,335 which is a decrease from the same quarter last year. Detached houses also have a reduced average price of £135,497.

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.

This builds on the recovery that was apparent throughout 2014.

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 Environment 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, commented: “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. Despite this, there has been no significant deterioration in affordability as incomes have started to rise and mortgages interest rates have remained competitive.”