NI House Prices Continue To Fall

Northern Ireland house prices continue to fall despite an increase in transactions, according to a new report.

The survey by the Royal Institute of Chartered Surveyers (RICS) and Ulster Bank revealed the overall pattern of declination was likely to remain for the foreseeable future.

While estate agents have reported increased property transactions, the final quarter of 2012 and the New Year period confirmed yet another slump in the already ailing market.

62% said transactions had increased, but while 54% expect them to continue rising over the next quarter, January's balance remains negative at -29.

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 macroeconomic conditions.

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


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