Derry house prices up since start of year

Average house prices in Derry have increased since the start of the year, new research reveals.

Tuesday, 3rd September 2019, 2:33 pm
Updated Tuesday, 3rd September 2019, 3:33 pm
The average house price in Derry has risen since the start of 2019.
The average house price in Derry has risen since the start of 2019.

The latest Quarterly House Price Index report from Ulster University indicates a “stable but lethargic” residential property market across the North.

This followed a trend of a subdued rate of house price growth over the past five quarters.

Here, in Derry, the average house price is £138,986 - that’s an increase of 6.6% between April and June 2019.

When broken down into house types, the average price of property in the Derry & Strabane council area is: £86,678 (terraced), £133,737 (semi-detached), £223,492 (detached) and £82,156 (apartment).

Estate agents’ observations show the absence of a Stormont Executive, ongoing Brexit uncertainty and political change at Westminster have affected market sentiment, buyer activity and confidence.

Despite this, agents are optimistic that the current sluggish market conditions will pick up in the coming six months.

Dr Martin Hinch, from Ulster University, says the latest survey reveals a residential housing market that continues to display subdued levels of growth.

“Whilst this trend has been observed for the last 18 months, the resilience of the Northern Ireland market throughout this period of unprecedented prolonged political and economic uncertainty is apparent,” he said.

UU’s research was produced in partnership with the Progressive Building Society and the NI Housing Executive.