Tyrone house prices stall in spite of 4 percent annual rise

File photo dated 06/08/09 of a for sale sign outside houses in Brighton as house prices surged by 5.5% year-on-year in October to reach a new record high, official figures have shown. PRESS ASSOCIATION Photo. Issue date: Tuesday December 17, 2013. A 1.4% month-on-month uplift took average UK house values to �247,000, surpassing a previous series peak set just two months earlier by 0.2%, the Office for National Statistics (ONS) said. See PA story ECONOMY House. Photo credit should read: Anthony Devlin/PA Wire
File photo dated 06/08/09 of a for sale sign outside houses in Brighton as house prices surged by 5.5% year-on-year in October to reach a new record high, official figures have shown. PRESS ASSOCIATION Photo. Issue date: Tuesday December 17, 2013. A 1.4% month-on-month uplift took average UK house values to �247,000, surpassing a previous series peak set just two months earlier by 0.2%, the Office for National Statistics (ONS) said. See PA story ECONOMY House. Photo credit should read: Anthony Devlin/PA Wire

The recovery in the local housing market stalled in the first quarter of 2015, the latest official figures suggest.

Prices were down 1 percent compared to the previous quarter, the first quarterly fall since the middle of 2013.

However, prices in the West of the province are still rising on an annual basis and in the first quarter of this year were 4% up compared to the same period in 2014.

Between 2005 and 2007, Northern Ireland prices doubled before collapsing.

They finally reached a low point in early 2013.

Prices have been gradually recovering over the last two years and are now slightly below where they were in 2005.

Across the North there were 4,058 verified sales in the first quarter of the year, which was down on both the quarter and the year.

There are also significant regional variations: Prices in Belfast have risen by 9% over the last 12 months, but are up by just 4% in the other regions of Northern Ireland.