Average cost of a home in the area close to £149,000

New research suggests an affordable housing market in Northern Ireland.
New research suggests an affordable housing market in Northern Ireland.

Buying a house in the Limavady and Coleraine/North Coast area will cost on average £148,962, new research has revealed.

That’s compared to the average across Northern Ireland of £158,528, according to the research conducted by Ulster University, which looked at 1,970 sales in the second quarter of the year.

In its report, it stated: “The Coleraine/Limavady/North Coast market has again maintained the strong market conditions that have prevailed over recent surveys but with some evidence of consolidation.

“The overall average price (£148,962) is up by 1.8% over the year and by 1.3% over the quarter pointing towards more Northern Ireland Quarterly House Price Index stable market conditions.”

The research shows a detached bungalow will sell for around £167,772, while a detached house will cost £205,280, up over the year. Terraced/townhouses in the area are selling for around £91,625.

The university research suggests an affordable housing market in Northern Ireland despite the increase in average house price. It reveals that the percentage of properties sold at or below £100,000 has dropped from 32 per cent to 26 per cent over the quarter. This reflects the higher demand from first time buyers, which is driving up the average price of entry-level properties to over the £100,000 mark.

Lead researcher, Professor Stanley McGreal, from the university, said: “The research is developed with support from estate agents across Northern Ireland, and most paint an optimistic picture about the market. However a number of agents expressed concern that the increased uncertainty stemming from the EU referendum may impact on the market over the coming quarters if purchase decisions are delayed. At the same time low interest rates are reducing the cost of mortgage repayments, which is making the property market more attractive.”