Northern Ireland

Northern Ireland house prices back to 2005 levels

Houses
Image caption Between the first and second quarters of this year prices rose by 3% and are 6% higher than they were a year ago

House prices in Northern Ireland have returned to 2005 levels, according to the latest official figures.

Between the first and second quarters of this year, prices rose by 3% and are 6% higher than they were a year ago.

The standardised average price of a home in Northern Ireland is now just over £113,000.

Prices rose in all council areas over the quarter, except Londonderry and Strabane, where they were unchanged.

Between 2005 and 2007, Northern Ireland house prices doubled before collapsing and finally reaching a low point in early 2013.

Prices have been gradually recovering over the last two years and are now slightly above where they were in 2005.

However, they are still more than 40% below peak levels.


Analysis: Return to 2005 level symbolic of normalising market

The last time the local housing market could be described as normal was probably 2005.

After that, prices doubled in two years and then crashed and kept falling.

There were very few transactions and not many houses were being built.

So the return to 2005 price levels is symbolic of a market that has been normalising over the last couple of years.


There are also variations among property types: Detached and semi-detached houses are now 7% above 2005 levels.

Apartments are still 11% below 2005 levels and terraces 6% below.

The highest prices are in North Down and Ards, the lowest in Derry and Strabane.

There were 4,600 verified sales in the second quarter of 2015, which was up over the quarter but lower than the same period last year.

These figures produced by Nisra, Stormont's statistics agency, are considered the most accurate guide to house prices in Northern Ireland.

The figures are based on all verified residential properties sales as recorded by HM Revenue and Customs.

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