Lisburn house prices take a tumble - report

The overall average price of £130,844 in Lisburn signifies further decline over the year but over the quarter there is a more positive picture with an increase of 1.9%.

Variability of performance is apparent across the sectors over both the annual and quarterly time periods. For example, semi-detached houses experienced growth of 10.8% over the year bringing the average price to £160,697. In contrast, the detached house sector has performed less well with the average price (£170,164) appreciably lower over the year and down by 4.9% over the quarter. The average price of apartments has declined to £84,497 down by 9.2% over the year and by 1.4% over the quarter.

Despite highly variable results across Northern Ireland, there are indications that some stability and even growth is returning to parts of the local housing market, according to the latest University of Ulster Quarterly House Price Index produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive.

The number of transactions recorded across a network of estate agents for the second quarter of 2012 was 931 – reflecting a continuing low level of sales in the face of difficult economic conditions.

The survey showed that the overall average price of a house in the second quarter was £139,633, a slight increase compared with the average of £134,560 for the first quarter of the year. However, over the year the average price was still down by a weighted rate of annual decline of 2.4%.

The authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - said: “While there is still considerable uncertainty and variation in the housing market, this latest survey suggests that price levels are starting to stabilise and indeed during the second quarter improved performance resulted in an increase in the overall average sale price.”

The affordability of housing has continued to improve, with 71% of the homes in the survey selling for £150,000 or less. The Housing Executive’s Head of Research, Joe Frey, said “The latest survey provides some evidence of stabilisation in the market, but overall the news on the underlying economy is not good.

“In addition, there are still significant imbalances in the market as evidenced by the growth in the number of ‘accidental landlords’ - owner-occupiers who want to move house but can’t sell in the current market conditions and decide to move and let their previous home out for a period of time. It will take some time for these to work their way through the system.”