Northern Ireland Residential Property Price Index 2015

Posted: by February 18th, 2015

The Residential Property Price Index is designed to provide a measure of change in the price of a standardised residential property sold in Northern Ireland.  It is a quarterly composite index, combining a house price index and an apartment price index.

The index adopts a mix-adjusted approach to control for differences in properties sold, using certain key characteristics (type, size, location, etc.). This method uses a model to produce a standardised value which reflects pure price change.  The index uses information on all verified residential properties sales as recorded by Her Majesty’s Revenue & Customs each quarter.

Key Findings

  • Between Q3 (July – September) 2014 and Q4 (October – December) 2014 residential property prices increased by 1%;
  • Between Q4 2013 and Q4 2014 residential property prices increased by 8%;
  • Almost 5,300 verified residential properties sold during Q4 2014, bringing the total sales in 2014 to more than 20,200. This represented a 22% increase on the number sold in 2013, and is the highest annual number of sales since 2007;
  • Residential property prices are now 1% lower than Q1 2005; and
  •  Residential property prices in both urban and rural areas increased by 1% over the quarter.

More info and full report on the Land and Property services website.

 

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