House sales have increased over the past three months despite the continued fall in prices, according to a new report.
The latest Housing Market Survey by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank revealed that three quarters of surveyors questioned on the level of house prices over the past three months said they expect prices to remain flat in the next |quarter.
Opinion is divided over the remaining quarter, however, being split between those who fear property prices will fall and those who expect to see a rise.
RICS Northern Ireland spokesman Tom McClelland said affordability had “improved markedly” for first-time buyers and that “current low interest rates were likely to remain low for some time.”
Keith Mitchell, of estate agents Templeton Robinson said: “The difficulties surrounding mortgage deals and financing is one of the factors that is holding back momentum within the market.”
Commenting on the past quarter’s rise in house purchases, Mr Mitchell attributed it to annual trends. “It’s probably indicative of the seasonal time of year when we tend to see more movement overall,” he said.