Belfast Telegraph

House prices expected to stabilise

House prices in Northern Ireland appear to have bottomed out, with surveyors expecting no further drop in values over the summer months, according to new research.

All property professionals questioned in the latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Housing Market Survey predicted prices would remain the same over June, July and August.

A majority of surveyors expected the number of sales to increase.

In the previous three months, the research noted a slight drop in prices.

RICS Northern Ireland housing spokesman Tom McClelland said there were signs of stabilisation in the market.

"The trend has been one of easing price falls and modestly rising transaction volumes, and we expect this to continue over the year as a whole," he said.

"The stabilisation in prices has been encouraging greater activity, albeit we are still some way off what would be considered healthy transaction volumes."

Derek Wilson, head of lending products at Ulster Bank, added: "Ulster Bank has provided over £1.5 billion of mortgage lending into the Northern Ireland housing market since the property price peak.

"As the market continues to stabilise and activity rises, we remain strongly committed to supporting homebuyers, movers and remortgagers and we are introducing more choice for customers in our mortgage offerings to help consumers get the best deal for their individual circumstances."

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