| 7.8°C Belfast

Northern Ireland house prices still falling and there is no sign of turnaround

Northern Ireland's house prices are still falling, but at the slowest rate since January, according to a new survey.

The survey from the Royal Institute of Chartered Surveyors (RICS) and Ulster Bank shows prices fell again over the last three months, but at the slowest rate since the start of 2011.

However, the outlook appears bleak with most predicting house prices would fall or remain the same over the next three months, with a forecast that sales too would either drop or stay static.

According to the University of Ulster's separate house price survey, the average house price is £137,814 - down from £240,408 at the peak of the market in 2007.

Richard McCulloch, a partner at Cookstown's Stanley Best estate agents, said a drop in real incomes and consumer confidence was to blame for the "bad news".

He said: "There is certainly evidence that prices are falling in mid-Ulster.

"It's not because of a reduction in lending, but a lack of confidence.

"The average household is being hit with higher prices for essentials, so living standards are going down while the cost of living is increasing."