Michael Leslie, Smith Leslie estate agents
THE housing market in Fermanagh is facing another blow after house prices fell by 13 per cent from last year dragging it well below the Northern Ireland average, according to a recent report.
Commissioned by the Housing Executive, the report states that Fermanagh is “significantly below” the Northern Ireland average which sits at £138,147.
However, local estates agents are disputing the report saying that it’s not a true or fair reflection of the market and that positive signs are starting to emerge
The University of Ulster’s Quarterly House Price Index records show the 2012 average house price in Fermanagh as £97,157, a decrease of 13% on the previous year.
While Fermanagh sits on the lower side of the average house price, it is doing comparatively well to Omagh which saw house prices drop by 35% from last year.
Michael Leslie of Smyth Leslie & Co said the house prices in Fermanagh appeared to be low because other Northern Ireland towns, which have high property prices, pushed the average house price up.
He said: “The average price for Fermanagh is substantially lower than the average for Northern Ireland overall because locations such as Belfast, north Down, Lisburn and even further eastern areas such as Bangor and north coast locations such as Portstewart, show relatively high property price levels and as a result, these boost the average figure for the region.
“Many other provincial towns throughout Northern Ireland would probably have house price levels on a par with the sort of values we are currently experiencing in Enniskillen at the moment.
“Our experience at the moment is that there is a significant increase in sales transactions generally and we would feel that prices are bottoming, however it might be some time before prices start to rise again.
“Transactions have increased because people are recognising that it’s a fabulous time to buy and because prices have come down so much, there is excellent value in the marketplace.
“In addition, there is no doubt that the banks and lending institutions are starting to lend again, albeit under strict criteria, and this is bringing first time buyers back into the market again which will key to the recovery of the market.
“First time buyers are and always have been the ‘heartbeat’ of the property market and the increase in activity by first time buyers will allow people to move on and up the property ladder.”
Terry Finlay, a partner at Montgomery Finlay Estate Agents in Enniskillen, agreed saying that the report is not a true reflection on the current housing market in Fermanagh.
“It all depends on the sample size these prices are taken from, if there are more sales occurring then that would be the best way to determine the average house price,” he said.
“I definitely don’t agree with that figure of £97,000 as the average house price. I would say that it has dropped by at least 10% from last year, maybe more, but it’s not as high as what the Housing Executive has reported.
“I would check the year on year house prices in the Fermanagh area and I know that it hasn’t suffered as much as the report suggests.”
Mr Finlay also said that the current housing market is starting to show positive signs and expects this year’s house sales to be more healthy.
“I believe that over the last few months things are starting to level out,” he added.
“I would not expect that size of a fall this year.
“The viewings are up and the selling rate of decline is starting to slow down. It’s the best buying opportunity for anyone after a good bargain.”
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