House prices are on the up

The Quarterly House Price Index, which is carried out by Ulster University in partnership with the Northern Ireland Housing Executive, analyses performance of Northern Ireland’s residential housing market between January and March 2015.

The report highlights that the overall average house price in Lisburn is up by 9.3% compared to the first quarter of 2014.

The market leaders in driving the Lisburn market are the detached houses, which are up by 10.3% over the year to £257,549, and the semi-detached houses, which are up by 16.3% to £160,837. The apartment sector in Lisburn has seen an average price increase by 6.5% to £118,306 over the year however terraced and townhouses are virtually unchanged in terms of the average price over the year at £109,841.

Lead researcher, Professor Stanley McGreal from Ulster University said: “Ulster University’s Built Environment Research Institute has been driving research into Northern Ireland’s housing market for over 30 years and provides an indication of the state of the economy and buyer confidence. The most recent findings signal an improvement in the market with more houses being sold at higher prices.”

Joe Frey, the Housing Executive’s Head of Research, commented: “Ulster University’s House Price Index provides further confirmation that Northern Ireland’s housing market has been undergoing a steady recovery over the past two years.”