A healthy performance by the province’s housing market in the third quarter of 2017 saw prices increasing by 5.8% on average, according to latest figures.
The Ulster University’s Quarterly House Price Index reports in east Antrim the overall average price (£139,657) is up by over 10% for both the annual and quarterly time periods.
The highest rate of price growth has been for detached bungalows (£176,570), which increased by 14.6% over the year. For other property types the rate of annual increase has been lower, with terrace/ townhouses (£77,023) up by 6.1% and detached houses (£224,052) up by 4.8%. Semi-detached houses (£124,339), which are a popular housing type in this market area, experienced the lowest rate of annual increase of just 0.4%. The quarterly picture is similar; there were higher average prices across all property types with the detached sectors increasing significantly in average price relative to the second quarter.
The research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society. Analysing the performance of the Northern Ireland housing market between July - September 2017, the report reveals an overall average house price of £160,758, up 1.9% over the year. The volume of transactions in the survey is 2,295.
According to the report the number of first-time buyers has increased, however the reliance on the ‘bank of mum and dad’ remains a significant factor in these transactions.
Lead researcher, Professor Stanley McGreal from Ulster University said: “The latest survey of the Northern Ireland market shows a healthy performance during the third quarter suggesting that concerns about uncertainty in the macro-economy, the potential impacts of Brexit and the lack of a functioning local Executive are having a diminishing effect on the private housing sector.
“The survey highlights that average price levels are generally to the upside and that the volume of transactions remains at a high level.”