Finance Minister Sammy Wilson today welcomed a new Official Statistics publication that will provide a benchmark for the performance of the residential property market in Northern Ireland, using information on all sales from Land & Property Services and HMRC data sources.

The new Northern Ireland Residential Property Price Index (NI RPPI) is produced by Land & Property Services in conjunction with the Northern Ireland Statistics & Research Agency and will be published on a quarterly basis.

The NI RPPI will provide all those interested in the local housing market with Northern Ireland specific information on the change in residential property prices.

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Mr Wilson said: "Given the current difficult economic climate this new Residential Property Price Index will provide valuable information on a regular basis about our local property market.

"These statistics include analysis of the first three months of this year and show that residential prices have continued to fall, with an overall 7% in the first quarter of 2012.

"The Index also clearly shows that the rapid house price inflation which occurred between 2005 and 2007, when property prices nearly doubled, has now been rebalanced with house prices typically returning to pre 2005 levels. Whilst I appreciate the concern of some who purchased at the peak of the market, it is good news now for first time purchasers and those wishing to move up in a much more affordable housing market in Northern Ireland."

The NI RPPI has been developed using recognised methodologies, and using the most complete and accurate data available on all property sales in Northern Ireland. The housing market analysis will be based on data relating to house sales on the open market in Northern Ireland from 1 January 2005 onwards. It is produced to the Code of Practice for Official Statistics standards.

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