Northern Ireland's housing market is still undergoing a period of stabilisation with house prices likely to remain at best flat during 2012.

This annual review examines the most recent housing market data compiled by both the public and private sectors. It analyses the key economic and demographic drivers in the housing market and the latest trends and developments in the owner-occupied, private rented and social sectors. It offers a base for current and future housing strategies. It comes at a difficult time for Northern Ireland, with significant pressures not only for housing but now also in the much tighter public expenditure environment.

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The report also highlighted:

•The social housing sector will continue to increase but at a much reduced rate.

•The rate of owner-occupation is likely to continue to decrease.

•Housing Benefit changes may impact on both the private rented and social housing sectors.

Speaking at the launch of the report, Minister for Social Development Nelson McCausland said: "The Review of the Housing Market provides a valuable insight into the health of the housing sector, and will help to inform the Housing Strategy I intend to publish shortly.

"We are in a period of challenges and change - challenges arising from the current economic situation affecting us all, as well as the need to deliver the changes resulting from the welfare reform programme. My Department has worked closely with the Housing Executive to make a real difference for tenants through improvements in the thermal efficiency of their homes and recently I launched the pilot schemes to target empty homes, which can blight once popular areas.

"In the face of all these challenges we will continue to act to secure good quality affordable homes in Northern Ireland."

(CD/GK)