Property sellers in Northern Ireland have been advised to be more realistic about asking prices of their properties if they wish to see an increase in the number of properties sold.

Commenting on the Royal Institution of Chartered Surveyors monthly housing market survey, the organisation's Northern Ireland spokesman Tom McClelland said turbulent times were still to come.

"The deteriorating economic situation and growing unemployment will no doubt impact the housing market in the months ahead, with lenders remaining cautious and the number of distress sales likely to rise," he said.

However, he stated that recent price falls have made properties affordable and coupled with recent rate reductions, "conditions are improving and should encourage a rise in sales levels among first-time buyers particularly".

According to the market survey, property prices have been reduced by a third over the last few months with almost 60 per cent of surveyors reporting price drops last month, solicitors in Belfast may want to know.
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