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House prices jump 10% as property market recovery gathers pace

Wednesday, 20 August, 2014

The housing market in Northern Ireland has witnessed a jump in both prices and activity in the last year, according to new government data.

The Land and Property Services’ Residential Property Price Index - which uses stamp duty information – said house prices were 10% higher in the second quarter of 2014 compared to the same time last year.

It also showed that transactions climbed by 25% during that time, with 4,800 houses changing hands in the three months to the end of June.

Terraced houses have performed particularly well with the average price now standing at £71,872, a 12% hike on last year.

Semi-detached houses climbed by 9% over the last 12 months to £104,927, apartments by 8% to £83,987 and detached houses by 4% to £162,426.

The recovery has also taken place at a different pace across Northern Ireland.

The best performing region in the second quarter was outer Belfast where prices climbed 12% to an average £121,505.

It was followed by Belfast city which was up 10% at £98,120, the east of Northern Ireland up 9% at £103,536, the west and south of Northern Ireland up 7% at £100,339 and the northern of Northern Ireland which was up 5% at £97,665.

While the recovery has helped what had been a beleaguered market, prices still have some way to go.

The average price of all properties at present stands at £105,894, a figure which is 49% below the peak reached in the third quarter of 2007.

Finance minister Simon Hamilton welcomed the news.

“Today’s report shows further encouraging signs that the housing market in NI is a much more normalised picture. This is particularly good news for first time purchasers and those who are seeking to move up and secure value for money in a much more stable market.”

Source: Ulster Business 20th August 2014

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