Posted on Wednesday 19 November 2014 by Ulster Business

House prices climb sharply as property market recovers

The change in house prices in the third quarter of 2014, courtesy of Ulster Bank.

House prices in Northern Ireland have climbed steadily over the last year, led by a jump in the market for apartments, according to latest government statistics.

The average house price stood at £107,855 at the end of September, a 7% hike on the same time last year and up 1% on the previous quarter, according to the Northern Ireland Residential Property Price Index published by the Department of Finance and Personnel.

Of the four different housing groups, apartments climbed the most, up 14% at £86,000, while terraces were up 8% at £73,300 and semi-detached houses which were up 7% at £106,772.

The market for detached houses stood at £165,166, but it had only climbed by 5% on the year.

While the performance will be heartening for home owners, there’s still a long way to go before the property market gets back to the level it was at the peak of the boom.

The statistics showed the market is currently 52% below the level it reached in the third quarter of 2007.

Regionally, Belfast saw the biggest rise in house prices, up 10%, Outer Belfast, East of Northern Ireland and North Of Northern Ireland saw prices climb 7% while prices in the West & South of Northern Ireland climbed 5%.

Meanwhile, the number of residential properties sold stood at 5,094 in the third quarter of 2014, 21% more than in the same period last year and the highest number recorded since the third quarter of 2007.

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