Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the Residential Property Price Index report for Quarter 2 of 2012.

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.

Results from the report show that:

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•over the year to the end of June 2012 residential property prices fell by 11%;

•between Quarter 1 (January - March) 2012 and Quarter 2 (April - June) 2012 residential property prices fell by 3%;

•looking further back the Residential Property Price Index for Northern Ireland peaked in •the third quarter of 2007 (July – September 2007);

•prices of residential property sold today are now just under half of their peak value (53%);

•whilst sales prices are falling, the overall number of properties sold has remained at around 3,000 for the last four quarters;

•there were 2,962 verified residential Northern Ireland properties recorded by Her Majesty's Revenue & Customs in the second quarter of 2012. This is an 11% increase over the number recorded in the second quarter of 2011

(CD)