The Construction and Property Group said the discussions were aimed at gaining a commitment from the major banks that they will not take any steps which would further destabilise the market.
The group told the BBA officials that a serious effort should be made by the local financial institutions to reintroduce liquidity into the market, by ensuring that affordable mortgages are available, particularly to first time buyers.
Secretary of the Construction and Property Group said: "We have entered into discussions with the BBA and have had a constructive first meeting.
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"They have committed to get back to us within a couple of weeks with a response and we hope we can move forward in finding an answer to these real and current problems.
"We need to urgently seek a solution to inject life back into the sector and restore employment and market confidence."
MLA Alasdair McDonnell is expected to table a motion at Stormont in the next couple of weeks.
It is thought he will call for a commitment from all the major financial institutions that they will not take any steps which would further destabilise the market.
He will call for meaningful discussions between local financial institutions, the Executive and the Construction and Property Group as well as other representatives of the residential property sector, to reintroduce liquidity into the market by ensuring that affordable mortgages are available, particularly to first time buyers.
The MLA is also expected to seek the reintroduction, and adequate funding, of co-ownership by the Executive; and an urgent review of the Northern Ireland budget by the Executive to improve availability of social housing and shared equity schemes.
The proposed motion is a result of the CAPG lobby day in the NI Assembly at the end of September, when the group met with over 25 MLAs and the Minister for Social Development.
(PR/JM)
