Northern Ireland

Survey indicates Northern Ireland house prices 'continue to fall'

For sale signs
Image caption House prices in NI are continuing to fall

House prices in Northern Ireland are continuing to fall despite an increase in transactions, according to the latest figures.

The Royal Institute of Chartered Surveyers and Ulster Bank survey said the overall pattern was likely to remain the same for the near future.

The report suggested transactions were up in the three months to the end of January.

They expect sales to rise in the next three months.

RICS Northern Ireland housing spokesman Tom McClelland said: "We will see some seasonal adjustments in the market, but on the whole, the overall pattern will remain largely the same for the foreseeable future due to the challenging micro and macro-economic conditions.

"Average prices will likely edge lower, with transactions volumes likely to rise modestly. However, it is not a uniform picture and some areas and property types will have different experiences."

Derek Wilson of Ulster Bank said: "We remain strongly committed to the mortgage market in 2013 and to introducing measures to further support and enable borrowers, building on the £1.5bn we have lent into the Northern Ireland housing market in the last five years."

More on this story