A surge in confidence in local property prices buoyed by the announcement of a 6.9 per cent rise in the average price of a house in Northern Ireland has been hailed as good news all round. The average price of a house in Mid and South Down is £140,889 while in Armagh it’s £95,156. The performance revealed by the University of Ulster’s quarterly house price index has been welcomed by all factions in the property sector as a much welcomed shot-in-the-arm with houses at the highest average price since 2007. Gary Best of Best Property Services was optimistic when speaking of the recent surge: “What we are seeing is a correction of a market that bottomed out in January/ February 2013. Since that period there has been a steady incremental rise in property prices as we see a market consolidate from a traumatic three to four years. This signifies to me that there is a increased confidence in the property market as there has been a lot more movement in the detached 3-4 bedroom properties as well as first time buyers looking to get their foot on the property ladder.” When asked about how sustainable this was in the long term and the stability of the recovery Mr Best was up beat in mood: “I believe this is good news all round as throughout the past 18 months we have seen a steady increase in activity and increase confidence at a local level. Whilst prices are still some way off the 2007 peak there is room for a cautious degree of optimism he said,” he said. “What we are finally seeing is a property market where there is a healthy balance between supply and demand and this is reflective in the increase of the average property price. This is good news for everyone including first time buyers as it shows and increased willingness in mortgages being lent and for those in bigger properties purchased before the downturn as it restores some of the value in their investment,” said Mr Best.
12th August 2014