Page last updated at 18:45 GMT, Monday, 16 November 2009

In figures: NI house price survey

Houses

The latest survey of house prices in Northern Ireland has suggested the downturn in the property market may have run its course.

The report's authors said the University of Ulster Quarterly House Price Index has tracked the market imbalance from 2005 to 2009 - a rapid rise followed by nearly equal falls.

The authors say current price levels are probably about where they might be expected to be if growth rates in 2004 were projected forward.

It was still a "piecemeal" recovery, with areas such as Mid and South Down showing significant falls over the course of the year and the north-west lagging behind the rest of Northern Ireland.

Here is a breakdown of the figures contained in the latest report, which covers sales between July and September.

Regional breakdown

The average price in Belfast was £176,418, a fall of 27.9% in the space of a year.

However, prices in the city rose by 7.6% in the third quarter.

All property types except terraced/townhouses showed increases, with semi-detached houses up by 8.2%, apartments by 2.6% and detached houses by 0.2%.

The highest priced city location was south Belfast with an average price of £223,145, followed by the east (£211,826), north (£128,665) and west (£126,555).

North Down's average house price of £203,023 represented a significant improvement, meaning the annual decline was only 1.3%.

Over the year, most sectors showed lower average prices but over the quarter there was a clear picture of improvement with the overall average up by 26.8% and every sector was much healthier, apart from semi-detached bungalows.

For example, terraced/townhouses were up by 6.7% and semi-detached houses by 10.7%.

The average price in Lisburn at £165,433 was still down over the year but the rate of decline at 15% was substantially lower than compared with the previous two quarters.

The report's authors said this suggests the local market is showing evidence of recovery, with terraced/townhouses falling only by 0.7% over the year and apartments up by more than 18%.

Figures suggest the recovery in the market in the north-west may be lagging behind other parts of Northern Ireland, although the small number of sales made analysis difficult

In East Antrim, the overall average price fell by 19.4% over the year to £134,601, representing a slowdown in the annual rate of decline.

The average price of all property types fell over the year.

Over the quarter, however, there was a very modest increase of 0.7% in the overall average price.

In Antrim/Ballymena, the overall average price of £171,306 represented a small decline of 3.8% over the year, compared with the 19.8% decline in the previous survey.

While a recovery appears underway, the number of sales continue to be low.

The report's authors said quarterly analysis indicates the changing sentiment, with a 1.8% increase in the average price compared with the second quarter.

For the Coleraine/Limavady/North Coast region, the average price fell by 9.7% over the year to £166,523.

Quite substantial falls in some sectors suggested the optimism noted in the previous survey had not been sustained, with the overall average falling by 8.9% compared with the second quarter.

Prices fell across all property categories on an annual basis

However, the average price of detached houses and detached bungalows rose in the three-month period.

For Londonderry/Strabane, the overall average price fell by 29.7% over the year to £147,000, similar to the annual rate of decline observed in the previous survey.

The report's authors said figures suggest the recovery in the market in the north-west may be lagging behind other parts of Northern Ireland, although the small number of sales made analysis difficult.

Over the quarter, there was a 6.6% decline in the average price.

The overall average price for Mid-Ulster was £143,296, a drop of 12.8% over the year compared with rates of decline of 16.3% and 31.8% in the previous two surveys.

Over the quarter, the report's authors said it appeared that average price levels had dropped back and not sustained the recovery noted in the second quarter, although terraced/townhouses did show a quarterly increase.

In Enniskillen/Fermanagh/South Tyrone, the overall average price was down 12.7% to £147,577 which, compared with previous surveys, pointed towards improved market conditions.

But over the quarter, average prices were lower overall by 8.6%, suggesting the recovery will be highly variable.

For Craigavon/Armagh, where the overall average price was £118,600, the annual rate of decline reduced to 27% compared with 35.6% in the previous survey.

Over the quarter, the authors found signs of potential improvement, with the average sale price down by only 0.5%.

In Mid and South Down, the average price of £160,147 was down by 26.3% over a year, similar to the position in the previous survey.

All property types were significantly down over the year except detached houses which fell by only 2.5%.

Over the quarter, there was a 5.5% decline in the overall average price, suggesting that a tentative recovery in the second quarter had not been fulfilled.

Property types

Prices fell across all property categories on an annual basis.

The sharpest fall was in the apartment sector, down on average by 36.2% to £144,332.

Semi-detached bungalows fell by 25.3% to £118,823.

Terraced/townhouses, at an average of £113,819, were down by 24.2%.

For detached bungalows the average price fell by 20.2% to £187,702.

The lowest rates of annual decline were in semi-detached houses, down 15.8% to £149,725, and detached houses which dropped by 11% to £271,528.

The rate of annual decline in all of these sectors was lower than in the previous survey.

The report's authors said that on a quarterly basis, the picture was more variable.

Four sectors showed an increase in the average sale price: detached houses up 9.2%, detached bungalows by 4.4%, semi-detached houses by 1.5% and apartments by 0.2%.

In contrast, the average price of semi-detached bungalows fell by 10.8% over the quarter and terraced/townhouses by 5%.

The variability of these figures in part reflected the small levels of transactions, they said.



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