Still falling: Average house price in area now £122,878

THE AVERAGE house price in Ballymoney is now £122,878 according to the latest University of Ulster Quarterly House Price Index produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive.

In the survey Ballymoney is included in the Coleraine, Limavady and North Coast figure.

The overall average sale price was down over both the quarter (-12.9%) and year (-9.3%), indicating a continuance of difficult and uncertain market conditions in this area.

The survey showed that the overall average price of a house in Northern Ireland, in the second quarter was £139,633, a slight increase compared with the average of £134,560 for the first quarter of the year. However, over the year the average price was still down by a weighted rate of annual decline of 2.4%.

The authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - said: “While there is still considerable uncertainty and variation in the housing market, this latest survey suggests that price levels are starting to stabilise and indeed during the second quarter improved performance resulted in an increase in the overall average sale price.”

The variable picture showed that some types of houses had increased in price while others continued to decline. The Belfast market in general showed clear signs of recovery but in other areas house prices were still falling.

The affordability of housing has continued to improve, with 71% of the homes in the survey selling for £150,000 or less.

Alan Bridle, UK Economist at Bank of Ireland UK, said: “While a quarterly increase in the average price is welcome, there are significant variations across the region. I believe the steep market correction since 2007 has yet to fully run its course for Northern Ireland as a whole and I still expect that the average price in the survey will trend 5 to 10% lower over the next six to twelve months.

“The discounting of properties at the lower end of the market to encourage sales is likely to continue for some time and this will act as a drag on the overall average price.”

The Housing Executive’s Head of Research, Joe Frey, said: “The latest survey provides some evidence of stabilisation in the market, but overall the news on the underlying economy is not good. In addition, there are still significant imbalances in the market as evidenced by the growth in the number of ‘accidental landlords’ - owner-occupiers who want to move house but can’t sell in the current market conditions and decide to move and let their previous home out for a period of time. It will take some time for these to work their way through the system.”