Average house price now £186,272

THE local housing market is showing signs of a modest recovery, with the average house price in North Down now £186,272.

That is an increase of 1.2% over the year.

North Down was one of the few locations in Northern Ireland to show an overall price increase over the year, according to the latest University of Ulster Quarterly House Price Index, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive.

Decreasing prices across property types, however, suggest the market recovery will be variable.

However, an analysis of different property types showed that most of them fell in price and suggested that, in common with other areas, the recovery will be variable with unevenness between property types.

Over the year, terraced/townhouses in North Down are down 11.9% to £126,021, semidetached houses 14.5% to £155,423, and detached houses 15% to £289,138.

The survey found that the rate at which house prices were falling dropped from 35% at the start of 2009 to just below 7% at the end of the year.