The housing market in Northern Ireland has shown steady price growth with continuing affordability, according to the latest Northern Ireland Residential Property Price Index (NI RPPI).

Produced by the Department of Finance and Personnel's Land & Property Services (LPS), in conjunction with the Northern Ireland Statistics & Research Agency (NISRA), the NI RPPI is published on a quarterly basis.

This statistical research examines every sale in Northern Ireland using data from HM Revenue & Customs and from LPS.

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Commenting on the latest report, Finance Minister Mervyn Storey said: "The figures in the report for the fourth quarter of 2015 show a 1% quarterly increase in the Index – with small variations between property types.

"The analysis demonstrates that, viewed over the 12 month period, residential property prices have again shown steady progress, with an annual increase of 7%. The analysis at council level shows annual increases of between 3% and 13% across all district council areas.

"Importantly, in tandem with price increases, the market exhibits a healthy balance with annual earnings. Looking back on the figures for 2015, it is encouraging to see evidence that we have an affordable housing market in Northern Ireland with an improved relationship where prices are 4.3 times earnings in 2015, compared to 4.5 in 2014, and especially compared to the figure of 9.1 in 2007."

(MH/JP)