House prices and sales are expected to fall across Northern Ireland in the first three months of 2019, according to a new survey.

The latest RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Residential Market Survey revealed caution amongst the respondents, with eight percent more expecting prices to fall in the next quarter than rise.

Despite the discouraging outlook, the new information also revealed how NI has continued to outperform UK in the past few months.

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RICS Residential Property Spokesman, Samuel Dickey said: "Last year appears to have finished with prices rising and sales activity edging upwards. However, as we move into 2019, it is clear that surveyors in Northern Ireland are less optimistic than they were. Northern Ireland surveyors have been more optimistic than their counterparts elsewhere in the UK for a number of months, but their expectations now appear to be falling more into line with elsewhere when considering the three months ahead."

Terry Robb, Head of Personal Banking at Ulster Bank, added: "Surveyors are becoming more cautious in their outlook, reflecting some uncertainty in the wider environment. However, the figures for December point to rises in both sales and prices. In line with this mortgage demand remains good, reflecting the fact that many people in Northern Ireland continue to want to own their own home or move to a new property."

(CM)