average house price in Northern Ireland november 2011

property market news - average house price in Northern Ireland november 2011 : today THE average house price in Lisburn now stands at £154,629 - £15,000 more than the Northern Ireland average of £139,691.

The price in Lisburn - the third highest in Northern Ireland - fell by 3% over the quarter but rose by 8% over the year highlighting the volatility of the current market according to the most recent survey conducted by the University of Ulster.

The average house price in South Belfast is £196,182, and North Down is £174,000. Other areas include East Belfast £148,358, West Belfast £119,148; East Antrim £125,491, Antrim/Ballymena £120,933 and Craigavon/Armagh £108,725.

The variable nature of the market is highlighted by the performance of semi-detached houses (£I51,640) whose average sale price rose 4.6% over the quarter but fell 5.2% over the year.

Demonstrating how volatile the market still is, the average sale price of detached houses in Lisburn (£202,708) fell by 10.3% over the quarter but rose by 12.6% over the year, which the authors of the report say indicates the problem of arriving at a market value.

Semi-detached houses in the city sold for an average of £I51,640 - up 4.6% over the quarter but down 5.2% over the year.

The latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Housing Executive, showed the number of transactions in the third quarter of this year – July, August and September – was 1,133 compared to 1,062 in the previous quarter.

The overall average price of a house in Northern Ireland was £139,691 which meant the weighted rate of annual decline slowed to 7.5% from 15.3% recorded in the second quarter of this year.

According to the authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - while activity levels have improved the market is still in a state of correction from what was arguably the deepest downturn ever experienced in Northern Ireland.

“There has been renewed activity in the third quarter of the year and slightly improved average prices for a number of sectors within the market. We see a return to more normal conditions being a slow process over a period of time rather than any major short-term change in market sentiment,” they said.

Alan Bridle, UK Economist at the Bank of Ireland UK, said: “This survey presents a slightly more positive picture although behind the headlines a number of market dynamics are at play including some contrast in performance between parts of Greater Belfast and our provincial and rural areas and a continuing element of stock clearing, particularly of lower value properties.

“The winter months will inevitably see some seasonal influences on activity levels and it is likely 2011 will mark the fourth consecutive year of house price decline. The region is learning, at some cost, that housing market cycles are typically extended and pronounced.”

The Housing Executive’s Head of Research, Joe Frey, welcomed the report as further evidence of ‘a more robust housing market’ and noted that “although first time buyers are still facing difficulties in terms of accessing mortgage finance and continuing uncertainty in the labour market, house price to income ratios clearly show that in comparison to a few years ago Northern Ireland’s housing market is now much more affordable”.