House prices on the rise in East Antrim

The Quarterly House Price Index, compiled by the university in partnership with the Northern Ireland Housing Executive, analysed performance of Northern Ireland’s residential housing market between January and March 2015.

The report highlighted that all property types in East Antrim show higher average prices over the year, with terraced and townhouses at £80,676, semi-detached houses at £137,468 and apartments seeing a significant recovery compared to the first quarter of 2014 at £104,568.

The average house price for detached houses is £197,834 and detached bungalows at £157,479.

The first quarter of 2015 has seen an increase in average price relative to the final quarter of 2014 across all sectors of the market in East Antrim, apart from detached houses that have seen price levels ease back slightly.

For Northern Ireland as a whole, the university’s research provides evidence of growth both in terms of house price and volume of sales. The overall average house price has increased to £147,409 representing a weighted growth of 5.3% compared to the same period last year. This builds on the recovery that was apparent throughout 2014, which was the first year of growth since 2007.

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 said: “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 as incomes have started to rise and mortgages interest rates have remained competitive.”