Northern Ireland's property market is starting to show signs of recovery, according to the Northern Ireland Residential Property Price Index (NI RPPI) is produced by Land & Property Services (LPS) in conjunction with the Northern Ireland Statistics & Research Agency and is published on a quarterly basis.

The statistical information published is based on all sales from HMRC and LPS data and is used as a valuable source of information by those interested in the local housing market.

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Commenting on the findings Finance Minister Simon Hamilton said: "I welcome the latest quarterly Residential Property Price Index report, which provides the most comprehensive picture of our local property market.

"The latest statistics include analysis of the three month period up to September 2013. The report shows that between the second and third quarters of 2013 prices have once again increased by 2%. The positive outturn from two consecutive quarters presents firm evidence that the property market here is stabilising.

"I am also pleased to note the increased activity in the market with four thousand verified residential properties sold during the third quarter of 2013. This represents a 12% increase on the number sold in the same quarter of 2012 and is the highest number of quarterly sales recorded since 2007."

(CD/MH)