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The survey presents a slightly more positive picture with the number of sales up (higher than at any time since q4 2007) and the annual rate of price decline slowing
It highlights a number of market dynamics at play behind the headlines, including some contrast in performance between parts of Greater Belfast and the more provincial and rural areas where conditions remain more difficult
It also confirms a continuing element of stock clearing, particularly the disposal of lower value properties and often to cash-buyers
The survey anticipates the influence of seasonal factors on activity levels over the next few months and forecasts an extension of current trends into 2012 when average prices may bottom out at around 50% below the peaks of 2007.