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Encouraging Signs in Northern Ireland Housing Market
Published on: Friday 15th May 2009
The latest Housing Survey report from the University of Ulster, in partnership with Bank of Ireland and the Northern Ireland Housing Executive, provides both confirmation that conditions in the local housing market remained very challenging in the three months to the end of March 09 while also carrying the hint and expectation of more positive news to follow in future surveys.
The report shows that while it is unlikely that the property market has yet reached the absolute trough in the price cycle, with the notable exception of the new build segment, the restoration of affordable housing in Northern Ireland is well advanced.
With an average of £157,000, prices are now back at the pre-property boom levels of early 2006. The highest average price was in North Down - £177,785 - while the lowest was in the Craigavon/Armagh area - £131,703.
Commenting on the findings of the report, Alan Bridle,Head of Economics & Research, with Bank of Ireland noted 'It is encouraging to report market sources indicating a considerable uplift in enquiries and viewings in recent weeks - in some cases up by around 30% in comparison to the same period in 2008'
New Builds and Resale Homes
One of the interesting features of the results of the latest survey is the dichotomy between activity levels in the new build segment (over 40% of sales in the report) and the resale market for older stock which may reflect the series of developer initiatives designed to stimulate the market.
Click here to read the latest Northern Ireland Housing Survey
Comments
20 May 2009 12:03
PEOPLES APPETITE FOR PROPERT HAS NOT GONE AWAY,JUST THE BANKS SHORT SUPPLY ON CREDIT,WHEN CREDIT CONDITIONS BECOME A BIT MORE RELAXED,YOU WILL SEE THE PROPERTY MARKET KICK OFF AGAIN,MAYBE NOT WITH THE HUGE GAINS SEEN IN 06/07,BUT SALES WILL PICK UP,DON"T MATTER WHAT,PEOPLE STILL NEED SOMEWHERE TO LIVE.PAUL.
Jim 11 June 2009 14:49
The reality is that there are further falls to come, like it or not, unemployment is set to rise by another million or so, and bankruptcies are on the rise. When repossessions kick in for owners and buy to let investors who can't keep up payments it will cause further problems. In 1930 one of the large financial institutions reported 'the worst of the recession is over' - the worst actually came in 1932 / 1933
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ben 16 May 2009 11:45
Encouraging signs? "prices in Belfast are down 39% from their peek in 2006, and further falls are expected" I wonder how many houses in Belfast have reduced asking prices to reflect this 39% drop, not many, which means more of the same with a stand of between sellers and buyers!