Modest increase in house prices predicted

The overall average price for Mid-Ulster was 148,256, representing a an increase of 0.6 per cent.

Terraced/townhouses down significantly over the year but with semi-detached houses marginally strengthening their average price

Gerard Graham from Gerard Graham and Company Estate Agents commented on the main findings against the Mid-Ulster property market.

“We have reviewed the figures from the report against the sales figures for the properties we have agreed over the same quarter and the findings correlate with our figures, which is welcome news,” he said.

“The summary of the report is that prices have actually risen slightly. It’s important to take stock and look at where the prices previously were. The average price of property in Mid-Ulster has dropped over 144,000 from the peak in 2007. In our Magherafelt estate agency we now have for example a three-bedroom mid-terrace property on our books with an asking price of 49,500 as well as a two-bedroom apartment on Queens Avenue which we expect to sell in the region of 50,000. Two years ago these guide prices would have been unthinkable.”

Gerard Graham and Company is also reporting a big demand for detached 4-5 bedroom houses in the area.

“All our rental properties have been snapped up as those people who are unable to get a mortgage have opted to rent instead. Our rental division is vibrant at the moment – the challenge is getting enough properties to service the demand,” he said.