Northern Ireland house prices drop by 13%

Couple at estate agent's window House sales were up 20% on the same quarter in 2011

House prices in Northern Ireland dropped by 13% last year, according to official figures.

Between quarter three (July-September), and quarter four (October-December), residential property prices fell by 3%.

The statistics agency, NISRA, said that 3,700 residential properties were sold in Northern Ireland between October and December 2012.

This represented a 20% increase on the same quarter in 2011 and the highest in the same period since 2007.

Apartment prices, however, rose by 4% between October and December in 2012.

They are now 26% lower than at the beginning of 2005.

In quarter four last year, the price of detached houses dropped by 5%, while prices of semi-detached homes fell by 3%.

Terrace house were down 2%.

Overall prices are down 56% since 2007 and 13% lower than in 2005.

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