By Helen Carson
Northern Ireland house prices fell by up to 5% in December according to 82% of chartered surveyors, it was revealed today.
The latest figures from the Royal Institution of Chartered Surveyors house price survey, sponsored by Ulster Bank, show that the majority of its members reported a decline in property prices here at the end of 2007.
An RICS spokesman described the end of last year as "extremely difficult " for the Northern Ireland housing market.
Despite the findings, though, the RICS has predicted house sales will increase this year.
The RICS survey confirms the fact property prices took a tumble at the end of 2007. And December marked the fifth month in a row of falling house prices.
Ten per cent of surveyors reported a drop in property values of 8% or more.
Meanwhile, another 18% of those questioned found they had stayed the same. A further 31% of respondents noted price dips of between 0-2%, with decreasing prices of 2-5% noted by another 30% of the profession.
Another 12% of local surveyors said prices fell by between 5-8%.
RICS Northern Ireland housing spokesman Tom McClelland said: "The last few months of 2007 were extremely difficult for the Northern Ireland housing market as many potential buyers took a 'wait and see' approach."
Mr McClelland added, however: "We expect transaction numbers to increase during the first half of 2008 from the low levels at the end of 2007 following the recent interest rate cut and with likely cuts in the coming months."
Ulster Bank head of mortgages, Derek Wilson, said the next few months will be crucial: "The end of the year is traditionally a slow period for the housing market so price falls in December were not unexpected. The market normally picks up in early spring, so the next few months will be important."
