Average house price on north coast just under £120k

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THE average house price on the North Coast is now £119,934.

The latest University of Ulster Quarterly House Price Index for the first quarter of 2013, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, has recorded further improvements in the local housing market which suggest a tentative recovery.

The survey covered 1,407 open market transactions from a network of estate agents, up more than 50% on the same period in 2012.

A higher proportion of sales of lower priced properties such as terraced or town houses in the survey brought the headline “average” price of a property down to £131,128 but, taking account of the mix of housing types covered in the survey, the report recorded a weighted increase in house prices of 1.9% over a year.

The overall average sale price is down 0.9% over the quarter and by 6.8% over the year.

The report’s authors - Professor Alastair Adair, Professor Stanley McGreal, Dr David McIlhatton and Dr John McCord - said: “The first quarter survey provides further support to the argument that the housing market is showing tentative signs of recovery, with the volume of transactions up again this quarter and with a weighted rate of increase of 1.9% in the aggregate market compared to the same quarter in 2012.

“However, it is also apparent that the first three months of the year were difficult in many segments of the housing market because of factors such as the weather.”