Signs of recovery in the housing market

ESTATE agents in Lurgan feel things are starting to look up in the housing market.

The average house sale price in the Craigavon area is now just under 130,000 and there appears to be much more movement in the market compared to the last couple of years.

Although the average sale price fell by just under two per cent over the year, this was an improvement on the annual drop from the last quarter and local estate agents believe they have reached the start of an upwards turn.

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Mark Jones, of Walter Jones Estate Agents, said: “This month so far has been our best month in two and a half years. It’s hopefully going to continue. It’s been a rough ride but there has been a lot of activity at the bottom of the market.”

Neil Anderson, of Apex Property Agency, said: “There’s a lot more activity in terms of first-time buyers and things have generally picked up in the last few months. Investors are starting to move back into the market.”

Although house prices have risen overall, the picture varies across property types. Drops of 4.3% and 2.3% respectively were reported on semi-detached houses and terraced/townhouses.

However, big rises can be seen in detached houses, with a rise of just over 20%, to almost 293,000, being reported, and semi-detached bungalows going up by 15.6% to just over 137,000.

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The latest survey has stated that the resale market is not fully functioning, with newly-built houses making up an unusually high 39% of the market.

However, Mark Jones wouldn’t agree with that assertion: “This month there has certainly been a good number of resales, a big improvement on before.”

Local estate agents are finding more reason for optimism for the future. “You have to be more confident,” said Neil Anderson.

Mark Jones said: “I still think it’s going to be a tip-toeing process but it’s a heck of a lot better than this time last year.”

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