Homes still cheaper despite price rises

The most up to date figures, issued as part of the House Price Index, show that the overall picture “in the North and North West” show some signs of price rises, although still down across the board on the equivalent figures from last year.

The Ulster Bank Quarterly House Price Index, published in partnership with the University of Ulster and the Housing Executive, states: “The overall picture for market areas in the North and North West is somewhat more optimistic with evidence, although not always consistent, of price growth occurring during the first quarter of 2012.”

It adds: “For the Coleraine/Limavady/North Coast market, the overall average price £128,659 is slightly down over the year by 1.2 per cent but up over the quarter by 5.9 per cent suggesting that there has been growing confidence in the local market during the opening months of 2012.

“In terms of property type, the terraced / townhouse sector (£81,938) has returned to a more appropriate average price compared to the reduced price level in the previous survey. Both semi-detached houses (£130,086) and detached houses (£168,821) although showing lower average prices over the year have experienced a significant quarterly rate of increase up by 15.8% and 14% respectively.

For Londonderry and Strabane, it states: “The overall average price level is £116,500 representing another significant drop in average price, though in comparison to the final quarter of 2011 there is evidence of price levels stabilising somewhat with the overall average down by 3.4 per cent.

“The price structure of terraced / townhouses (£64,857) is low this quarter though, in contrast, semi-detached houses (£121,000) show growth up by 9.4% over the quarter. The variable picture is reinforced by the detached house sector (£159,563) for which the average price has slipped by four per cent over the quarter.”