According to a Royal Institute of Chartered Surveyor (RICS) and Ulster Bank survey, house prices are dropping in parts of Northern Ireland.

Out of all the chartered surveyors who responded, nearly one in ten (7%) reported falling property prices of up to 2% in May. However, experts stressed there is no sign of an imminent crash, with 66% of surveyors still reporting rises, and 27% declaring prices remained the same.

Tom McClelland, RICS’ Northern Ireland residential property spokesman, said prices are falling back from the massive highs early this year. “We are seeing a clear trend of slowing house price inflation in Northern Ireland as the current interest rate tightening cycle bites. However, in historical terms and in comparison with other parts of the UK and the world, Northern Ireland’s current rate of house price growth is still very strong”, he said.

This is the second time this year that chartered surveyors reported a dip. The last being in February but that was looked at as a seasonal factor, but now a pattern seems to be emerging.