Average East Antrim house price falls back to £120,785

The average house price in the East Antrim area is £120,785 according to Ulster University’s latest quarterly house price index report.

The research, which was carried out by Ulster University in partnership with the NIHE, analysed performance of Northern Ireland’s residential housing market between April and June 2015. The report highlights that the average house price in East Antrim has slipped back from the strong price level recorded in the first quarter of 2015.

It also shows that lower average prices are apparent across most property types, apart from detached houses with an average price of £198,088, which are up by 7 per cent over the year and unchanged relative to the strong performance in the first quarter. Terraced and townhouses at £64,746 are priced at a similar level as the same time last year. Semi-detached houses at £103,725, detached bungalows at £159,764 and apartments at £70,804 have lower average prices over this quarter. The significant variations between the first and second quarter statistics for East Antrim suggest a degree of variability in the market. The University’s research provides evidence of Northern Ireland’s overall housing market indicating some slowing down both in terms of price growth and volume of sales for the second quarter of 2015.

The overall average house price in Northern Ireland was £145,390 for the second quarter of 2015. While higher than the average price for the same period last year at £139,720, it represents only a 2.4 per cent weighted rate of annual price increase.

Highlighting Northern Ireland’s affordable housing market, the research found that two-thirds of houses were sold at or below £150,000. The share of newly built property has increased slightly from 15 per cent in the first quarter of 2015 to 18 per cent, which the research suggests is proof of a continuing recovery in private sector housing development.

Lead researcher, Professor Stanley McGreal from Ulster University said, “The University’s quarterly house price index is designed to inform buyers in Northern Ireland’s residential housing market. The recent findings highlight that while the average property price is up over the year, there is a quarterly decrease highlighting slower market conditions during the spring of 2015.”