Average price of a house in Mid Ulster reaches £114,000

The average house price in Mid Ulster is £114,200, according to the latest Ulster University Quarterly House Price Index.

Mid Ulster house prices on the rise
Mid Ulster house prices on the rise

The survey covering the last quarter of 2014 put the average cost of a house in Northern Ireland at £143,675, equating to a weighted annual rise of 5.7% when variations in the sample mix were taken into account.

Compared with the previous quarter, the weighted increase was 3.3%.

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The survey showed the volume of house sales in October, November and December remained strong, with 1,917 transactions recorded from the panel of estate agents across Northern Ireland, comparable to previous quarters in 2014.

The authors of the report, Professor Alastair Adair, Dr John McCord, Professor Stanley McGreal and Dr David McIlhatton from Ulster University, said: “With a weighted annual increase of 5.7%, the analysis of the last quarter of 2014 confirms the increasingly vibrant housing market.

“Significant rates of price growth have been sustained throughout the year and transaction volumes are at healthy levels compared to the pre-financial crisis period.”

Alan Bridle, UK Economist at Bank of Ireland UK, said: “The housing market is entering 2015 with some momentum, although there are variations specific to some areas.

“Despite the narrative of austerity, the steady recovery of the market should be underpinned by higher employment levels, a modest recovery in real incomes, strong competition in the mortgage market and the changes to stamp duty announced in December.”

The proportion of properties sold at or below £150,000 was unchanged on the previous quarter at 69% of the sample, the authors said.