House prices remain steady for Larne and Carrickfergus areas

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The average house price in the Larne and Carrickfergus areas is £118,525 according to new Ulster University research.

In terms of individual property types, the University report highlights that all sectors of the market have continued to experience annual rates of price increase with semi-detached houses at £121,994, detached houses at £189,982 detached bungalows at £178,438, and apartments at £80,720.

For Northern Ireland as a whole the new Ulster University research indicates a decrease in the average house price of 1.3 per cent over the year and 2.6 per cent over the quarter to £150,778. It also indicates an easing back in the volume of sales in contrast to the relatively buoyant conditions that prevailed in early 2016.

Ulster University’s research suggests that despite the decrease in overall average price and volume of house sales in Northern Ireland, both are still operating at a healthy level. It indicates that the negative rates of change may reflect seasonal impacts on the market, but could also suggest a more hesitant market potentially influenced by economic uncertainly.

Lead researcher, Professor Stanley McGreal from Ulster University said: “This latest research highlights an overall downward trend in the local housing market.

“The weaker performance of the residential market is reflected across each of the property types. At a regional level there is some variability with a number of areas actually seeing an increase in overage average price over the quarter including East Antrim, Londonderry and Strabane, Antrim and Ballymena, North Coast, Mid Ulster, Mid and South Down, and Craigavon and Armagh.

Michael Boyd, Progressive Deputy Chief Executive and Finance Director added: “Regionally the highest property prices and volumes continue in the Greater Belfast area. While eight regions across Northern Ireland witnessed a decrease in the average house price, the regions with increasing prices were predominantly those further from Belfast and those areas which had seen least price appreciation in previous quarters.

Tony Steed, the Housing Executive’s Acting Head of Research, commented: “With political and economic uncertainty, and the likelihood of increased pressure on households’ disposable incomes, 2017 may bring its own challenges for the local housing market.”

Ulster University’s Quarterly House Price Index Report is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society. It analyses performance of Northern Ireland’s residential housing market between October and December 2016.

Average Price for Quarter 4 2016:- Northern Ireland - £150,778; Belfast - £162,682; Antrim/Ballymena £134,831;