N. Ireland property market stabilises for first time since 2007
The performance of the residential property market in Northern Ireland has begun to stabilise for the first quarter since 2007, new statistics have revealed
The performance of the residential property market in Northern Ireland has begun to stabilise for the first quarter since 2007, new statistics have revealed.
Simon Hamilton, Northern Ireland’s Finance Minister, welcomed the news after the release of the latest Official Statistics publication, which uses information on all sales from Land & Property Services and HMRC data sources.
Commenting on the findings Simon Hamilton said: “I welcome the latest quarterly Residential Property Price Index report. This publication is now recognised for providing the most comprehensive picture of our local property market.
“The latest statistics include analysis of the three-month period up to June 2013. The report shows that between the first and second quarters of 2013 prices increased by 2 per cent, although over the full year the report shows a decline of 3 per cent.
“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.”
The latest report also shows that, based on the latest figures available the ratio of median house prices to earnings has changed from over nine times the median annual gross full-time earnings in 2007 to just over four times in 2012.
The Minister concluded: “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.”
The Northern Ireland Residential Property Price Index (NI RPPI) is produced by Land & Property Services in conjunction with the Northern Ireland Statistics & Research Agency and is published on a quarterly basis.
NI RPPI provides all those interested in the local housing market with Northern Ireland specific information on the change in residential property prices.
The statistics are based on property sales recorded by Her Majesty’s Revenues & Customs (HMRC). Under statute all property transactions must be notified to HMRC for stamp duty purposes, excepting a small number of transfers which are exempt from duty (e.g. property transfer due to probate, divorce etc.).
The detailed statistics report and a paper on the methodology is available on the LPS website and on the NISRA website. Further statistics by area and property type (detached, semi-detached, terraced, apartment) are available on the websites.
Keywords: Northern Ireland, Simon Hamilton, Finance Minister, official statistics, Land & Property Services, Residential Property Price Index, property market, property price, stabilising, NI RPPI, property price increase