First Quarter 2005
Hotspot analysis for NORTHERN IRELAND
Prices shown in the tables
below are arithmetic average prices of houses on which an offer of mortgage has been granted.
These prices can change from quarter to quarter. Towns in
double digits are current hotspots
|
TOWN
|
AVERAGE HOUSE
PRICE - £
2004
|
AVERAGE HOUSE
PRICE - £
2005
|
%
CHANGE
|
|
Antrim
|
91,382
|
104,391
|
14%
|
|
Armagh
|
96,711
|
117,498
|
21%
|
|
Ballymena
|
94,192
|
119,068
|
26%
|
|
Bangor
|
128,836
|
137,072
|
6%
|
|
Belfast
|
103,542
|
114,839
|
11%
|
|
Carrickfergus
|
95,834
|
113,534
|
18%
|
|
Craigavon
|
100,782
|
103,407
|
3%
|
|
Dungannon
|
92,108
|
118,293
|
28%
|
|
Enniskillen
|
84,255
|
111,849
|
33%
|
|
Lisburn
|
114,716
|
127,803
|
11%
|
|
Londonderry
|
87,027
|
98,454
|
13%
|
|
Newry
|
108,593
|
123,379
|
14%
|
|
Newtownabbey
|
96,298
|
98,707
|
3%
|
|
Newtownards
|
121,297
|
123,416
|
2%
|
|
Omagh
|
80,411
|
100,446
|
25%
|
|
COUNTY
|
AVERAGE HOUSE
PRICE - £
2004
|
AVERAGE HOUSE
PRICE - £
2005
|
%
CHANGE
|
|
Co-Londonderry
|
96,047
|
108,374
|
13%
|
|
County-Antrim
|
101,977
|
114,556
|
12%
|
|
County-Armagh
|
99,840
|
106,438
|
7%
|
|
County-Down
|
125,444
|
128,289
|
2%
|
|
County-Fermanagh
|
84,255
|
111,849
|
33%
|
|
County-Tyrone
|
86,180
|
104,629
|
21%
|
Here you will find a general overview of the area
"House prices in Northern Ireland have increased by 25% over the last year to reach £117,666.
This compares to the 9.7% growth in the UK as a whole and the UK’s average house price of £162,840.
Districts close to Belfast and rural areas which attract second home buyers continue to be expensive and affordability is becoming
an issue for first time buyers.
House price ‘hot spots’ in Northern Ireland include Eniskillen, where house prices have risen
by 33% over the last year to reach £111,849, Dungannon, where house prices have
risen by 28% to reach £118,293, Ballymena, where house prices have risen by 26%
to reach £119,068 and Omagh, where house prices have risen by 25% to reach £100,446.
The most affordable areas to live in Northern Ireland - which have yet to break through the £100,000 barrier- are Londonderry,
where the average house price is £98,454 and Newtownabbey, where the average house
price is £98,707. The most expensive place to live in Northern Ireland is Bangor, where house prices have increased by 6%
over the last year from £128,836 to £137,072.
Bangor
is popular town for commuters to Belfast and offers a good selection of properties from starter
homes to larger detached properties, ranging up to £700,000. Prices at the lower
to middle end of the market have continued to experience good growth, but the top end of the market has slowed down.
The
West side of Bangor continues to be
the most popular side of the town, with its easy access to Belfast. However, due to affordability constraints, first time buyers are now opting for new developments on the
outskirts of the town.
The average house price in Belfast is £114,839 – this represents
an 11% increase over the last year. The combination of jobs, schools and amenities continues to make Belfast one of the most desirable places to live in Northern Ireland.
Demand in Belfast is reasonable with properties in the £60,000 to £120,000 price bracket tending
to sell above the asking price. However, there appears to be fewer properties
coming onto the market, which is hampering growth at the upper end of the market. There is also a lack of semi-detached and terraced properties below the £100,000 threshold. This is driving prices higher, as buyers bid against each other for those few properties
that do enter the market.
The Victorian houses
in Belfast's Malone Road and Lisburn Road continue to command high prices and are popular with both young professional couples and families. Located only ten minutes away from the City Centre and within close proximity to the
M1, these areas fall within the catchment areas of a good selection of primary and secondary schools.
The buy-to-let market is buoyant, particularly in Stranmillis and the Lisburn Road
area and this is adding to the supply shortage. Those affected most by this are the first time buyers, who, as in so many
major UK towns and cities, are facing serious affordability constraints.
New build activity within inner Belfast
is limited, but any properties released appear to be selling well. Recent success
includes new apartments in Ormeau and Ravenhill
and new town houses in Andersonstown. The
new entertainment and leisure complex facilities have helped Ormeau and Ravenhill to shed their student image. In addition, as a result of
regeneration, the Laganside area of Belfast
now has desirable warehouse apartments and also includes the Waterfront Hall entertainment complex.
Portadown is a developing town and the movement of major new retail names into the area, bringing
jobs and people, has had a positive effect on house prices
The
housing market in Coleraine remains busy, although there is a lack of supply. First time buyers are struggling to enter the market as prices rise, while those already
on the housing ladder are seemingly reluctant to put their properties onto the market until they have found somewhere to move
to, adding to the upward pressure on prices.
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