The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank housing survey said prices rose in April - but they are not going up at the same 'break-neck' speed of March.

Only 66% of chartered surveyors reported growth of 5% in April, compared to 75% who noted the same level of growth in the previous month.

Only half the number of chartered surveyors (15%) reported price rises of 8% or more in April compared to March (30%).

RICS Northern Ireland residential property spokesman, Tom McClelland, said that although the market is still robust, there has been a "softening" .

Mr McClelland said, while last month's rises were impressive, the threat of an interest rate hike hit the most recent figures: "It was inevitable that growth in April would not match the huge surge in prices that the survey reported in March."

He claimed, however, another interest rate rise could take the heat out of the local market: "In the current interest rate environment and with the potential for one more hike to come it is likely that at least some investors will leave the market over the coming months, helping address supply issues and taking some more of the steam out of the residential property sector."

Ulster Bank head of mortgages, Derek Wilson, said political progress will increase confidence in Northern Ireland, but added: "As Northern Ireland house prices rise above many other regions in the UK, local housing is now less attractive as an investment and we are seeing places like Liverpool become increasingly appealing to buy-to- let investors."

Mr Wilson said this factor along with another interest rate rise looming will result in more modest house prices here.