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Mark Carney: 'UK house prices recover, except in Northern Ireland' Mark Carney: 'UK house prices recover, except in Northern Ireland'
(35 minutes later)
The governor of the Bank of England has said Northern Ireland is the only part of the UK where house prices are not recovering.The governor of the Bank of England has said Northern Ireland is the only part of the UK where house prices are not recovering.
Mark Carney was speaking in a BBC interview with Andrew Marr.Mark Carney was speaking in a BBC interview with Andrew Marr.
Mr Carney said house price recovery is "a generalised phenomenon" across the UK, aside from Northern Ireland. Mr Carney said house price recovery was "a generalised phenomenon" across the UK, aside from Northern Ireland.
However, the most recent official house price statistics for North ern Ireland suggest a modest recovery has begun. However, the most recent official house price statistics for Northern Ireland suggest a modest recovery has begun.
The Northern Ireland Residential Property Price Index, which is produced by Stormont's statistics agency, showed quarter-on-quarter and year-on-year rises in the third quarter of 2013. On Sunday, Mr Carney told the Andrew Marr programme that "if you look at the UK as a whole, everywhere bar Northern Ireland - we are now seeing house prices begin to recover, so it is a more generalised phenomenon".
But Northern Ireland's Finance Minister, Simon Hamilton, said Mr Carney's remarks were at odds with housing market analysis carried out by Stormont's Department of Finance and Personnel (DFP).
Writing on his Twitter account, Mr Hamilton said: "Doesn't tally with DFP analysis. Never thought I'd have to correct a governor of BoE!"
The Northern Ireland Residential Property Price Index is produced by Stormont's statistics agency.
It showed quarter-on-quarter and year-on-year rises in the third quarter of 2013.
Peak valuePeak value
Prices were up 2% quarter-on-quarter, the second consecutive quarterly rise.Prices were up 2% quarter-on-quarter, the second consecutive quarterly rise.
They were also up by 1% over the year to the end of September 2013.They were also up by 1% over the year to the end of September 2013.
However, prices are still less than half of the peak value in 2007 and still 9% lower than the start of 2005.However, prices are still less than half of the peak value in 2007 and still 9% lower than the start of 2005.
The Northern Ireland Residential Property Price Index for the last quarter of 2013 is due to be published next week.The Northern Ireland Residential Property Price Index for the last quarter of 2013 is due to be published next week.
The Office for National Statistics (ONS) index also showed year-on-year increases for October and November 2013.The Office for National Statistics (ONS) index also showed year-on-year increases for October and November 2013.
'Generalised phenomenon'
The December figures are also due to be released this week.The December figures are also due to be released this week.
It is likely they will show that house prices in Northern Ireland have increased over a calendar year for the first time since 2007.It is likely they will show that house prices in Northern Ireland have increased over a calendar year for the first time since 2007.
On Sunday, Mr Carney told the Andrew Marr programme that "if you look at the UK as a whole, everywhere bar Northern Ireland - we are now seeing house prices begin to recover, so it is a more generalised phenomenon".