HOUSE prices have seen their first quarterly increase since 2008, according to the latest figures.
Prices rose 0.5% overall for the last quarter of 2014, according to figures released by the Public Works Ministry, thanks to a surge in demand for existing homes.
Sales of existing homes now represent just below two-thirds of sales.
The value of existing homes grew 0.2% from the previous quarter, but the price of new homes fell by 0.1%.
The ministry added that the decline in prices that began in 2008 and reached 9.8% in 2012 had ‘practically come to an end’.