The three-month period to the end of March 2013 was the first since the summer of 2007 in which Northern Ireland house prices didn’t fall, according to the latest RICS and Ulster Bank Housing Market Survey.

A net balance of nine percent of surveyors said that prices were up in the three months (61 percent said that prices stayed the same, 24% said that they were higher, and 15 percent said they were lower).

This was the first time since July 2007 that the survey's price balance was above zero, indicating rising prices.

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At 40%, the net balance for transactions remained strongly in positive territory (40% saying that transactions volumes were higher in the three months and 60% saying they remained the same).

With regard to the outlook, respondents expect transaction numbers to continue rising, but are more cautious about the outlook for prices.

A net balance of 33% expect transactions to rise in the next three months. (67% of respondents expect transaction levels to remain the same and 33% expect them to rise.)

A net balance of -11% expect prices to fall in the same period. (67% expect prices to remain the same in the three months, 22% expect them to fall and 11% expect them to rise.)

RICS Northern Ireland spokesman, Tom McClelland: "We expect housing market activity to increase in the spring and summer months and we are strongly committed to encouraging and supporting demand through new initiatives and campaigns, building on the £1.5billion we have lent into the Northern Ireland housing market in the last five years."

(CD)