The latest figures from the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank House Price Survey shows property price growth in May has gone down again as a succession of rising interest rates start to take their toll.

Despite this, the local market is still one of the strongest in the UK, with Scotland the only region with bigger property price rises.

The majority of local chartered surveyors (over 66%) noted healthy price rises of up to five per cent, while 27% said property values stayed the same - but seven per cent reported decreases of up to two per cent.

RICS Northern Ireland residential property spokesman, Tom McClelland said, on the whole, rates of monthly house price increases are falling back from massive highs earlier in the year.

"We are seeing a clear trend of slowing house price inflation in Northern Ireland as the current interest rate tightening cycle bites," said Mr McClelland.

He added, however, that house price growth is still very healthy with demand for new houses sold off-plan and overnight queuing for releases with fixed prices.