NI Property Prices Increase

Residential property prices in Northern Ireland increased for first time since 2007, according to a new report.

The Northern Ireland Residential Property Price Index report for the second quarter of 2013 showed that between quarter one and quarter two, residential property prices increased by 2%.

Property prices increased across all property types (detached, semi- detached, terraced and apartments). It is the first quarter since Q2 (April-June) 2007 that this has occurred.

Between July 2012 and March 2013 residential property prices fell over the year to the end of June 2013 by 3%.

The report also found that prices of residential property sold today are under half of their peak value, indicating a 53% fall.

There were 3,460 verified residential Northern Ireland property sales recorded in Q2 (April – June) 2013.

This is a 10 per cent increase when compared to the same period in 2012.

Finance Minister Simon Hamilton said: "It is promising to note that this is the first quarter since 2007 that an increase has occurred and confirms the views of local commentators that the property market here is beginning to stabilise. Over the long term the Index shows that the local market has rebalanced with prices at pre 2005 levels.

"I fully appreciate the concern of those who purchased at the peak of the market; however, it is encouraging for all of us that the 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)