House prices here have officially returned to 2005 levels according to the latest Northern Ireland Residential Property Price Index.
Between spring 2014 and June this year, residential property prices have increased by 6 per cent. The price of a typical home is now £113,245.
The index, published by Land and Property Services, shows over 4,600 residential properties were sold during the second quarter of this year. The residential property price index is now 1 per cent higher than the start of 2005. New analysis shows that all districts recorded an increase over the quarter, except for Derry and Strabane, where the index remained unchanged.
Finance Minister Arlene Foster said: “I believe there is continued confidence in the housing market, which is encouraging for the Northern Ireland economy.
“The figures in the report over the last quarter show a healthy 3 per cent quarterly increase in the Index - with positive increases between 2 per cent and 5 per cent 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 per cent. I am also encouraged that the overall price Index has increased and is now above the 2005 level for the first time since 2011.”
