Province's house prices still falling: RICS

By Clare Weir – 12 June 2012

Most estate agents polled in a monthly survey for Northern Ireland have reported that house prices are still falling, it emerged today.

The Royal Institution of Chartered Surveyors' (RICS) housing market survey for May reported that 57% of respondent surveyors and estate agents said prices fell in May, 41% said they stayed the same and just 3% said prices rose.

That was the worst result for prices since November 2010.

The poll also reported that two thirds of respondents believe prices will stay the same in the next three months.

Reflecting bad economic news around the world, all the survey's main indicators deteriorated last month.

Richard McCulloch, who works for estate agents Stanley Best, said that the market may not yet have hit the bottom.

"We are seeing more first time buyers and buy to let purchasers coming forward but I see no indication of prices going up in the near future - we are still in the doldrums.

"I would actually see it becoming potentially worse with the problems in Europe."

According to the University of Ulster's quarterly house price index, the average house price is now around £137,000.