NI house prices 'to keep falling'

Image caption, The survey says house prices are expected to continue falling

Northern Ireland house prices are likely to keep falling over the next three months according to a new survey.

The survey was carried out by the Royal Institution of Chartered Surveyors.

It said expectations for transactions over the next three months are at their lowest levels since the survey began in May 2006.

Job insecurity and worry over the government's spending review are thought to be some of the driving forces behind lacklustre sales.

Tom McClelland of the RICS said: "The winter months are traditionally the quietest time of year for the housing market, so it isn't surprising that expectations are lower.

"There was also a significant amount of uncertainty in the lead up to the Comprehensive Spending Review, and now there are a lot of people worrying about job security and about the impact the cuts will have on their lives.

"This inevitably feeds through into the housing market, and will be a challenge for some time to come.

"That said however, we are confident that deals will continue to be done if the price is right."

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