House prices up as market 'normalises'

Published Wednesday, 20 August 2014
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Finance Minister Simon Hamilton has welcomed the latest housing market figures which show rising prices and an increase in the number of properties sold.

Over 4,800 residential properties were sold between April and June, according to Wednesday's report from the Land and Property Services (LPS) and Northern Ireland Statistics and Research Agency.

It represents a 25% rise in sales compared to the same period last year.

The study, which examines every sale in NI from HM Revenue and Customs and LPS data, added that prices have gone up by 4% between the first and second quarters of 2014 and by 10% since April 2013.

Simon Hamilton said he is encouraged to see the housing market become increasingly active.

"Residential property prices have increased by 4% from the previous quarter. This steady upward trend is a further indication that the property market here is stabilising," the DUP minister said.

"The report shows that the increase applies in both urban and rural areas. This positive change tells us that the market right across Northern Ireland is continuing to show signs of recovery."

He continued: "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."

© UTV News
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2 Comments
Dave in Belfast wrote (99 days ago):
When will it hit home? Another 100 years? More? High and rising house prices are a BAD thing! A 4 % quarterly rise is a disaster. Why can nobody understand this? Want your kids to have a comfortable life? High house prices reduce the chance of this. Want a holiday? High house prices reduce the chance of this. Want your kids to go to uni? High house prices reduce the chance of this. Want to retire before you're 80? High house prices reduce the chance of this. LOW AND STABLE HOUSE PRICES IS WHAT YOU WANT!!!!!!!
Pete in Newtownabbey wrote (99 days ago):
Have we learned nothing over the last 8 years? The reason more houses are selling is because the prices are now fairly reasonable and more people can afford to buy. So what happens as soon as the market picks up? They start to hike up the prices again, meaning less people can afford to buy, panicing people into buying as they are scared the market will soon outdistance them, getting people into more debt, causing more re-possessions, etc. Salaries haven't increased so why increase house prices? It makes no sense. Keep them stable for a few years and allow more people to buy. Unfortunately the market is driven by greedy Estate Agents and even greedier Builders, especially in Belfast (the price of new builds in Belfast, especially in the like of Jordanstown and Templepatrick is absolutely laughable, especially when compared to the equivalent property in somewhere like Derry). Again we are slowly trundling towards the next great property crash and another generation of people ruined by excessive debt while Builders, Estate Agents and Bankers fill their pockets and deny their role in causing the misery of so many hard working people.
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