RESIDENTIAL PROPERTY PRICES CONTINUE TO INCREASE

December 19, 2014

On 19 November 2014 Land & Property Services assisted by the Northern Ireland Statistics & Research Agency released the Residential Property Price Index report for Quarter 3 2014.

The Index measures change in the price of residential property sold in Northern Ireland. The Index uses stamp duty information on residential property sales recorded by Her Majesty’s Revenue & Customs ¹

Results for the most recent quarter (July – September 2014), which are provisional show that:

• between Q2 (April – June) 2014 and Q3 (July – September) 2014 residential property prices increased by 1%;
• Between Q3 2013 and Q3 2014 residential property prices increased by 7%;
• Almost 5,100 verified residential properties sold during Q3 2014. This represented a 21% increase on the number sold in the third quarter of 2013;
• Residential property prices are now 3% lower than Q1 2005; and
• Residential property prices in urban areas increased by 2% over the quarter, while prices in rural areas remain unchanged.

This article has been produced for general information purposes and further advice should be sought from a professional advisor. Please contact our Property team at Cleaver Fulton Rankin for further advice or information.
Janet Knox, Paralegal, Property Team at Cleaver Fulton Rankin Solicitors

Notes
¹ 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,  with the exception of a small number of transfers which are exempt from duty (e.g. property transfer due to probate, divorce etc.).

The detailed statistics report is available at:
http://www.dfpni.gov.uk/lps/index/aboutlps/publications/statistics-and-research-publications.htm
and
http://www.nisra.gov.uk/HousePriceIndex/hpi.html