House prices stll falling in Northern Ireland but sales are on the up

A NEW survey by the Royal Institution of Chartered Surveyors and Ulster Bank says houses sales are on the rise in Northern Ireland.

However, house prices have fallen by a third.

The study found that first time buyers and investors are contributing to the increase.

Half of respondents said sales rose in the three months to the end of April – and they expect to see the trend continue into the next three months.

Tom McClelland from RICS said: “Transaction volumes have been gradually rising, which is welcome news.

“Seasonal factors are clearly playing a role, as well as a seeming increase in confidence amongst investors and first time buyers.

“We remain of the view that there will continue to be seasonal adjustments, and that 2013 will see a trend of easing price falls and modestly improving transaction volumes.”

Prices were down by 33% in the period ending April but the outlook in this area is believed to be more positive. Almost one in five respondents expect prices to rise between May and July.