The rate of house price falls eased in November, according to the latest RICS and Ulster Bank Northern Ireland Housing Market Survey, however prices are still in decline.

The price balance of the survey was -49, as more than half of chartered surveyors said that prices fell in the past three months (September, October, and November). This was an improvement from -71 in the October survey.

With regard to the number of transactions, almost half (47%) of respondents said that there was no change over the past three months, with the remainder evenly split between those who said they rose and those who said they fell.

-- Advertisement --

Looking ahead, 60% of respondents said that transactions volumes would remain flat in the three months ahead (December, January, and February).

27% said that transaction volumes would fall in the period and 13% said that they would rise.

RICS Northern Ireland housing spokesman, Tom McClelland, says that there will be no significant change in the market until there is a sustained economic recovery.

Mr McClelland said: "The large majority of the house price falls are behind us, but with the economic and employment situation remaining difficult, this will continue to impact on the housing market. That said, there continues to be evidence that different areas and property types are performing more strongly than others."

(CD/GK)