House prices drop in local council area

The overall average house price in Craigavon and Armagh decreased slightly in the second quarter of 2017.

That’s despite figures which show the number of transactions was at the highest recorded level since the property crash ten years ago, according to Ulster University’s latest Quarterly House Price Index report.

Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society. Analysing the performance of the Craigavon and Armagh housing market between April-June 2017, the report reveals an overall average house price of £129,660 down from £136,053 in Q1.

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The volume of transactions in the survey in Northern Ireland is 2,372.

The research showed a number of factors could be behind this outcome including the mix of properties by type and age in this survey and wider macroeconomic and political factors.

Uncertainty arising from Brexit, the outcomes of the UK general election, the present lack of agreement on the formation of the Northern Ireland Executive, slower growth rates in the national and local economy and a number of pessimistic economic forecasts over the short to medium term are all recorded as contributing factors.

Lead researcher, Professor Stanley McGreal from Ulster University said: “This latest survey has mixed messages regarding the health of the Northern Ireland housing market - transaction levels are high suggesting a strong market in the second quarter of 2017 however this optimism is not reflected in average prices which are generally more subdued.”