Encouraging Report on our Local Housing Market - Foster

Finance Minister Arlene Foster MLA today welcomed an encouraging period in Northern Ireland’s housing market with a continuing good number of transactions.

The Northern Ireland Residential Property Price Index (NI RPPI), produced by the Department of Finance and Personnel’s Land & Property Services (LPS) in conjunction with the Northern Ireland Statistics & Research Agency (NISRA), is published on a quarterly basis.

This statistical research examines every sale in Northern Ireland using data from HM Revenue & Customs and from LPS. It is therefore a valuable and reliable source of information for everyone interested in the local housing market.

The scope of the already comprehensive NI RPPI report has been increased even further, with the Index and supporting data now available at an eleven council level.

Commenting on the report Arlene Foster added: “Today’s report covers the second quarter of 2015 and the transaction volumes again remained strong with over 4,600 residential properties sold. Although down slightly on the same period last year, this represents the second highest quarter two for completions since 2007. I believe there is continued confidence in the housing market, which is encouraging for the Northern Ireland economy.”

Welcoming the development of analysis at a council level the Minister said: “This provides further useful analysis of our housing market, importantly at a local as well as at a regional level. The new data shows signs of a stable housing market with increases in most district council areas.”

Arlene Foster concluded: “The figures in the report over the last quarter show a healthy 3% quarterly increase in the Index – with positive increases between 2% and 5% across all property types. The analysis shows that, viewed over the 12 month period, residential property prices continue to show steady progress, with an annual increase of 6%. I am also encouraged that the overall price Index has increased and is now above the 2005 level for the first time since 2011.”

Notes to editors: 

1. The Northern Ireland Residential Property Price Index is a quarterly index and will be published in February, May, August and November each year, around eight weeks after the end of each quarter.
2. Results for the third quarter of 2015 will be published on 18 November 2015.
3. The detailed statistics report is available at: on the LPS section of the DFP website: and the NISRA website . Further statistics by area and property type (detached, semi-detached, terraced, apartment) are available on the website.
4. The contents of this report will be of interest to government policy makers, Members of the Legislative Assembly, the business community, property professionals, economic commentators, academics and members of the general public with an interest in the NI residential property market.
5. The statistics are based on property sales recorded by Her Majesty’s Revenues & Customs (HMRC). Under statute all property transactions must be notified to HMRC for stamp duty purposes, excepting a small number of transfers which are exempt from duty (e.g. property transfer due to probate, divorce etc.).
6. The performance of the residential property market is measured using the price of a standardised property. A detailed paper on the methodology used is available on the LPS website and the NISRA website: 
7. Media enquiries only to DFP Communications Office on 028 9081 6724 or 028 9081 6725. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.

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