Belfast Telegraph

Northern Ireland housing market 'still struggling'

By Clare Weir

The housing market in Northern Ireland remains in the doldrums after a major survey revealed that the quarterly price balance is the lowest since November 2010.

The latest Royal Institute of Chartered Surveyors (RICS) and Ulster Bank Housing Market Survey showed that over half of property market respondents here have said that prices have clearly fallen over the previous three months.

There was little or no movement on transactions between June and August and respondents to the survey have said that they expect no change for the coming quarter.

Over 30% of respondents said that they expected prices to fall further and that all of the survey's main indicators deteriorated in August.

RICS Northern Ireland spokesman, Tom McClelland said that both economic uncertainty and rising living costs were clearly having their bearing on the Northern Ireland housing market.

"With economic news the world over dramatically bad in August, there is little surprise that activity and sentiment in the housing market have been impacted," Mr McClelland added.