New figures show that UK property prices rose by just 0.2 percent in December, with residential property prices increased by 1.1 percent in the final quarter of 2014. The market finished 8.3 percent above 2013 levels.

Belfast was among the major towns and cities with the fastest growing residential property markets, prices were up by 17 percent. Northern Ireland as a whole saw increases of 8.1 percent - but prices across the region are still just over half of what they were before the market crashed.

According to Nationwide, who compiled the figures, St Albans recorded the highest growth rate - up by 24 percent. The average house in the town, which is situated north-west of London, now costs £494,777 (€631,609).

Growth was strong in London, prices increased by 17.8 percent over the 12-month period - but they are still 35 percent below peak levels.

Three regions had declining prices in the last three months of 2014 - the north-west, Yorkshire and Humberside and Wales.