Belfast Telegraph

Northern Ireland house prices return to 2005 levels

Northern Ireland house prices have returned to 2005 levels, an official survey showed.

Between spring 2014 and June this year the residential property price index increased by 6%. The average price of a home is £113,245.

Finance Minister Arlene Foster said: "I believe there is continued confidence in the housing market, which is encouraging for the Northern Ireland economy."

Prices rose rapidly in the period before 2007 before entering a prolonged slump. They have been slowly rising over the last two years.

According to the Northern Ireland Residential Property Price Index published by Land and Property Services over 4,600 residential properties were sold during the second quarter of this year.

The residential property price index is now 1% higher than the start of 2005. New analysis shows that all district council areas showed an increase over the quarter, except for Londonderry and Strabane, where the index remained unchanged.

Ms Foster added: "The figures in the report over the last quarter show a healthy 3% quarterly increase in the Index - with positive increases between 2% and 5% across all property types.

"The analysis shows that, viewed over the 12 month period, residential property prices continue to show steady progress, with an annual increase of 6%. I am also encouraged that the overall price Index has increased and is now above the 2005 level for the first time since 2011."

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