Belfast Telegraph

Sunday 31 August 2014

House prices halved in five years

Figures show sale prices are falling but the number of properties being sold has increased

House prices in Northern Ireland have more than halved since the market peak five years ago, according to new Government figures.

The standardised average cost of a home is now £95,623, compared with £204,659 prior to the autumn of 2007.

The latest snapshot of the market has shown that prices continue to tumble, falling by 11% in the last year.

The figures are contained in the official Residential Property Price Index for the second quarter of this year.

The index is compiled using stamp duty information on residential property sales recorded by Revenue and Customs.

While sale prices are falling, the number of properties being sold has increased.

There were 2,962 homes bought in the last quarter - 11% more than in the same three-month period in 2011.

The RPPI was published by the Land and Property Services assisted by the Northern Ireland Statistics and Research Agency.

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