Property Prices Increase

Residential property prices in Northern Ireland increased by 2% in the second quarter of 2013, from April to June.

This was the second, successive quarterly increase.

Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the Residential Property Price Index report for Quarter 3 2013.

The report showed that for the second consecutive quarter, prices either increased or were steady across all property types.

Residential property prices increased by 1% over the year from Q3 2012 to Q3 2013.

Prices of residential property sold today are under half of their Q3 2007 peak value (a 54% fall).

There were 4,001 verified residential Northern Ireland property sales recorded in Q3 2013.

This is the highest number of quarterly sales recorded since 2007.

Finance Minister Simon Hamilton said: "I welcome the latest quarterly Residential Property Price Index report, which provides the most comprehensive picture of our local property market.

"The latest statistics include analysis of the three month period up to September 2013. The report shows that between the second and third quarters of 2013 prices have once again increased by 2%. The positive outturn from two consecutive quarters presents firm evidence that the property market here is stabilising."

The Minister continued: "I am also pleased to note the increased activity in the market with four thousand verified residential properties sold during the third quarter of 2013. This represents a 12% increase on the number sold in the same quarter of 2012 and is the highest number of quarterly sales recorded since 2007."

Concluding, Simon Hamilton said: "It is encouraging that this quarter’s report shows that confidence is returning to the local housing market with the number of residential property sales beginning to rise. It is particularly good news for first time purchasers and those wishing to move up in a much more affordable housing market in Northern Ireland."

(IT/MH)