Whether you are new to the private rented sector or have worked in the sector for some time but are not familiar with the law which governs the sector, this is an opportunity for you to find out more.

The events are free and are being facilitated by the Department for Social Development.

All events will commence at 6.15pm. Tea and coffee will be served from 6pm and the events will conclude at approximately 8pm.

The programme will include helpful advice on:

• the law governing private tenancies and what this means for landlords,

• useful information about the role and responsibilities of the Department for Social Development and local councils and,

• practical experience gained to date, tips and advice for landlords on a wide range of issues and practice.

Each session will include time for open discussion and questions.

A comprehensive information pack will also be available for all attendees.

For further information telephone 028 9082 9259.

The Halifax today said the mixed pattern of monthly rises and falls in the year to date was consistent with a slowing market.

It expects that house prices will be broadly unchanged across 2010 and said low interest rates and a recovering economy were helping to underpin demand.

The average house price is now £167,425, which is 16% below the peak seen in August 2007.

Halifax said the increase in the number of properties for sale over the past few months, boosted by the recent abolition of Home Information Packs (HIPs), has relieved much of the pressure which was driving up prices in 2009.

June's fall of 0.6%, which followed price declines in April and May, came amid uncertainty over the impact of Chancellor George Osborne's emergency Budget.

Halifax housing economist Martin Ellis said: “The mixed pattern of monthly rises and falls over the first seven months of the year is consistent with a slowing market.

“It is also in line with our view that house prices will be broadly unchanged over 2010 as a whole.

“Low interest rates and a recovering economy, however, are underpinning demand and continue to support the market.”

Terry Waide, from the Housing Executive said:

“Since the introduction of the Statutory Registration Scheme in May 2004 considerable progress has been made in having properties in identified HMO Action Areas registered. It is the responsibility of individual landlords and letting agents to ensure that applications to register are made in time. You should check our website or contact us for details of the registration deadlines for each Council area.

“HMO registration in Belfast is continuous and already underway. We would urge landlords and letting agents with property in Belfast to check the date for individual areas to ensure their properties are registered in the relevant time

“The amended Scheme now specifies all qualifying HMOs for registration and this will ensure that these properties meet required standards. The vast majority of landlords have been working with us to achieve this, however I would remind others that failure to submit an application to register by the specified date is an offence, liable for court action resulting in a fine.”

To register or for more information visit our website (www.nihe.gov.uk/hmo) or contact our HMO Units (Tel: 03448 920 900)

However, transaction activity remains subdued, with the net balance for this indicator at zero: 38 per cent of respondents saying that there was no change in the number of transactions and the remainder of respondents being split evenly between those saying transaction levels rose and those saying they fell.

The price balance, at -18, continues to lag other UK regions, however, nearly three quarters of Northern Ireland respondents reported that prices were flat.

"There remain big sectoral and geographical variations in the local market, and the likelihood is for this to continue during the remainder of the year.

On the whole, the scale of public spending cuts that are to come will impact on Northern Ireland significantly, creating a difficult environment for the housing market.

Unemployment will remain high for some time and increasing pressures on household budgets, such as water-charging and rises in interest rates, will also inevitably come.  That said, we foresee a prolonged period of largely flat average house prices rather than a further significant correction in average prices."
RICS Northern Ireland spokesman, Tom McClelland

"The expected headwinds will bring challenges for the housing market, but a range of indicators are pointing to evidence of increasing stabilisation. This is leading to an expectation that pent-up demand from those who have been putting off a home purchase will start to be realised."
Derek Wilson, head of lending products at Ulster Bank

The net balance for prices during the past three months was -18, with 70 per cent of respondents saying that prices were unchanged, 24 per cent saying they were lower and the remainder saying they rose.

The net balance for transactions during the past three months was 0, with 38 per cent saying that transactions levels remained unchanged, 31 per cent saying they were down and 31 per cent saying they were up.

The net balance for transaction expectations during the next three months was 15 with 54 per cent saying that transactions levels will be unchanged, 15 per cent saying they will fall and 31 per cent saying they will go up.

The net balance for price expectations is 8, with 77 per cent saying prices will be flat in the quarter ahead, 8 per cent saying they will be down, and 15 per cent saying they will rise.

Click here to search properties For Sale throughout Northern Ireland

Margaret Ritchie said: “I have visited each of these areas and seen at first hand the poor housing people were living in. I made a promise to the residents in each community I visited that they would not be forgotten, and I am pleased that in my last days as Minister, I can now make good that promise.”

A total of 276 old terraced homes will be demolished in North Belfast, under full consultation with the local community.

Minister Ritchie added: “I made it clear when I launched the New Housing Agenda that I wanted to increase both the quantity and quality of our housing. When I launched the redevelopment of the Village I said North Belfast was the next priority. North Belfast is an area of high housing need and this investment will make a significant difference to the lives of so many people living in these communities.”

The Housing Executive will now begin consultation with each of the local communities to discuss and agree an implementation plan for each area. Whilst this work will be phased in over the coming years, Minister Ritchie has provided the funding to start work on the new homes immediately.

Minister Ritchie continued: “I have ring fenced the necessary funding to ensure that work in each area can start at once. There have been enough false dawns for these residents and I was determined that our approval for these proposals had to be backed up with the resources necessary to see them through.

“Despite financial pressures, we are delivering on all aspects of the New Housing Agenda.”

When completed, a total of £38m will have been invested across this part of the city alone to improve housing. Taken alongside separate plans for additional development on Girdwood and Parkside, this represents good news for those in housing need across North Belfast.

In Upper New Lodge (Long Streets) the proposals are to demolish 185 properties and put back 98 new homes on their footprint. In addition, a total of 33 Housing Executive and private properties at New Lodge Road, Duncairn Gardens and Edlingham Street will be improved. Other streets affected by demolition will be parts of New Lodge Road, Stratheden Street, Spamount Street, Upper Meadow Street and Hillman Street. Part of the plan will involve the construction of 46 overspill houses on the nearby Girdwood site for decanting purposes. Total cost is estimated at £26.5 million. The cost of acquisition, clearance and improvement is estimated at £10.9 million whilst the provision of the 144 new homes is estimated at £15.6 million.

In Parkside the proposals are to demolish 44 properties and replace them with 28 new homes. Streets affected by demolition will be Parkend Street, Clanchattan Street and Limestone Road. Total cost is estimated at £6.4 million. Acquisition and clearance is estimated at £2.8 million. New build is estimated at cost £3.6 million. Newington Housing Association is working alongside these plans to deliver several other schemes which will complement this regeneration but not covered by this announcement today.

In Queen Victoria Gardens the proposals are to demolish 47 properties and replace them with 21 new build social properties. Streets affected by demolition will be Queen Victoria Gardens and parts of Fortwilliam Parade. Total cost is estimated at £5.0 million. Acquisition and clearance is estimated at £3.0 million. New build is estimated at £2.0 million.  

The Housing Executive will have lead responsibility for all operational aspects of the regeneration activity and in the next few weeks will be preparing detailed information about proposals and setting up arrangements for consultation with local communities.

Click here to view properties For Sale in North Belfast

Dermot O’Hanlon, Quicklet Director, comments;
‘With a stronger, steady market, comes a significant rise in employment and opportunity. The opening of 2nd Quicklet office is in line with our growth projection plans. We intend to to open a further 3 offices over a three year period creating an additional 20 positions.’

Quicklet are now an experienced team of eight property professionals with an abundance of energy and enthusiasm. The company, established 2009 with the opening of the Lurgan office, now presents the potential for further growth and market investment.  

Click here to view Quicklet Lurgan properties

Click here to view Quicklet Belfast properties

The page provides interviews with the winners of our Live Mortgage Free for a Year competition in association with The Carvill Group.

In addition to revealing the recent winners you can also enter one of the two new competitions we have currently running. To find out what they are and how to enter click here.

Around 17% more chartered surveyors reported house price rises than those who saw a fall during the month, up from just 9% more in March.

The balance of surveyors reporting newly agreed sales also turned positive for the first time this year at 12%, up from minus 8% during the previous month.

The average number of completed sales during the three months to the end of April also rose to 17.4 per surveyor, the first increase for three months.

But there was further evidence that the mismatch between supply and demand, a key factor behind 2009's price rises, is easing.

A balance of 11% of surveyors reporting a rise in the number of new homes being put up for sale in April, while only 8% reported an increase in inquiries from new buyers, although that was the highest level since December.

Activity levels are expected to continue increasing during the coming months, with many surveyors expecting the market to gain momentum following the General Election.

Around 25% more of surveyors expect sales to rise going forward, up from just 6% in March, and the highest level since October last year.

Around 7% also expect prices to rise, compared with a balance of 2% who were predicting further price falls in the previous month's survey.

First Published: http://www.belfasttelegraph.co.uk/news/local-national/uk-housing-market-buoyed-by-spring-bounce-14804068.html#ixzz0ncFQuweY

Search properties for sale in your area by using Propertynews.com Advanced Search

The series will feature homes across Northern Ireland, presented by Laurence Llewelyn Bowen, a man who really knows a thing or two when it comes to fabulous design.

Laurence Llewelyn Bowen said: “Where you live says so much about who you are, how you feel about yourself and how you'd like to be seen by other people. This is a fabulous opportunity to show off just how good you are at home making. We’ll be looking for homes that ooze personality and idiosyncratic charm, and who knows there might even be marks off for magnolia."

Feargal O’Kane, series producer, added: “There are some amazing homes in Northern Ireland as we saw in series one. Once again this is a fantastic opportunity to show off them off to other homeowners throughout Northern Ireland. It’s a rare chance to have a top designer like Laurence Llewelyn Bowen visit, along with our industry experts, and whether or not you win you’ll definitely get something out of the experience."

No matter how large or small, modern or traditional, from a mid terrace to a stately home, if you think your home has got what it takes to be House of the Year then why not fill out an application form?

Anyone applying must be over 18 and resident in Northern Ireland.  All entrants are required to be the registered owner of the property. Or if you would like to nominate someone else’s house, the registered owner must provide their written consent.

Entry forms are available online from the House of the Year website, by logging on to: bbc.co.uk/houseoftheyear

You can also write for an application form to: House of the Year Competition, BBC Broadcasting House, Ormeau Avenue, Belfast, BT2 8HQ

Closing date for entries is Monday, May 31st, 2010.

Click here to view some Impressive Homes currently listed on propertynews.com

At the ceremony Pinkerton Murray won the prestigious titles of ‘Best Estate Agent in Northern Ireland’ and ‘Best Letting Agent in Northern Ireland with the later being a title that they have for the past three years.

Phil Spencer said “the great thing about the ESTAs is that the judges are the customers, they are not about impressing a panel of industry experts, or how well you write your submission, or even answer questions in a telephone interview, but about the things agents do every day for their clients and customers.”

Both the Sales and Letting Awards were determined by extensive research carried out amongst all of the clients Pinkerton Murray had interacted with during 2009 and a series of mystery shopping visits.

Managing Director Victoria Pinkerton, explained "Quality industry awards are important, not only do they recognise the hard work and effort that our staff put into their jobs and the quality customer service they deliver, but it is a clear endorsement to any potential customer that Pinkerton Murray is serious about delivering high standards of service in an industry that often receives negative press"

“We feel that this award really justifies our efforts in ensuring our clients' needs are met and exceeded at every possible opportunity. Having seen the other strong entrants at this year's award ceremony, including other local estate agents it makes us feel honoured that our clients hold us in such high regard.”

Over 19,000 votes were received, making the ESTAs the largest survey, as well as the most meaningful award scheme in the industry. Phil Spencer also pointed out that there were no categories for the likes of Best Marketing Campaign or Lifetime Achievement in the Industry “These don’t mean anything to the consumer; the Esta Awards are purely about the consumer experience.”

Richard Johnson, Lettings Manager at Pinkerton Murray said “In this market a large portion of our daily business is lettings and as a result we are Bangor’s busiest letting agent with our Property Management Department being trusted by hundreds of landlords. When dealing with such volumes of rental properties it is important that our people and systems are the best. We have all worked hard to build an enviable reputation in the area for delivering a high level of service to all of our clients and, as these awards are voted for by customers, the people who really count, to be a recipient of these accolades has extra significance for us.”

Click here to view Pinkerton Murray properties

To qualify for this discount you must:

• pay your rate bill in one full amount
• allow a minimum of five working days for payment to reach Land & Property Services (LPS)

A number of payment options are available, including cheque, cash and debit card.

To find out more about early payment click here

Noel Williams, Head of the Energy Saving Trust in NI, said:

“We have been encouraging the Northern Ireland Executive to introduce a Boiler Scrappage Scheme here and whilst we remain hopeful that this will happen later in the year, we commend Phoenix and the wider gas industry for introducing such a scheme at this time. Lets be clear on why this scheme is so important.  An average home could save up to £210 on energy bills a year and also up to 1.5 tonnes of CO2 annually by replacing an old inefficient boiler with an A-rated condensing boiler with a full set of heating controls”.

Mr Williams continued: “Government needs to introduce a more wide-ranging subsidised scheme throughout Northern Ireland, although this announcement today is most welcome”. 

DUP MLA Simon Hamilton, Chair of the Social Development Committee, recently brought forward a motion at the Assembly to encourage the Department for Social Development to embrace and introduce a government backed boiler scrappage scheme. He said:

“Outside of the obvious cost saving and environmental benefits of a boiler scrappage scheme, local heating installers and boiler manufacturers would also benefit greatly from the much needed economic stimulus for their industry that a scheme would be sure to bring”.

The Phoenix boiler scrappage scheme is only available to new gas customers in the Greater Belfast licence area and will be open to householders until the end of June 2010.

A four per cent discount is available to all Northern Ireland domestic ratepayers who pay their rate bill in full by 7 May 2010.

There are also a range of reliefs and entitlements available to help you pay your rate bill. So, if you are having trouble paying your rate bill, contact LPS to see if you are entitled to any of the rate reliefs available - or to enter into a payment agreement with the agency.

To find out more infomation on your rate bills click here

Average rental prices have increased by 2% in the Belfast Metropolitan Area between the last half of 2009 and the first half of 2009 to £581 per month however they are still down by 1% when compared to 2008. In the Belfast City Council Area average rents have shown modest growth in the latter half of 2009 to £593 per month but are down 0.9% compared to 08. The highest renal locations are Belfast City Centre and South Belfast. The most noticeable annual change to rent was in the rest of the Belfast Metropolitan Area (Carrickfergus, Castlereagh, Lisburn, Newtownabbey and North Down) where the average rent was down 3.3% on the same period in 08.

The average rental price has increased across all property types during the latter half of 2009 when compared to the beginning of 2009. However all property types still show an annual decline when compared to 2008 with the exception of detached properties which have increased average rent from £716 in the last half of 2008 to £762 in the last half of 2009 – an increase of 6.4%.

There is a consistency in market share on the types of properties being let year on year with Terrace/Townhouses remaining the most popular property type making up 40% of all lettings in 2009. The apartment sector was the second most popular letting type in 09 representing 30% of all lettings and appears to be on the increase in both absolute numbers and percentage share in comparison to the same period in 2008.

Properties let during the second half of 2009 were dominated by two bedroom and three bedroom properties with percentage levels consistent with those for the same period in 2008 and also the first half of 2009. Lettings of one bed roomed properties have increased consistently and have a market share of 6% of the year.

The report highlights a growing rental sector in the last half of 2009 with a significantly higher volume of lettings relative to the first half of 2009. There has also been an increase in the average monthly rent figures although the rate of growth is relatively modest.

The full rental report is available to download online at www.propertynews.com

Despite plummeting house prices the home market for new buyers has had a rollercoaster ride in terms of its recovery. Estate agents have claimed the stamp duty moratorium will boost the housing market, although they pointed out few first-time buyers could afford to spend as much as £250,000 — it is usually around £150,000.

Mr Simon Brien, director at leading local estate agent BTWCairns, welcomed the Chancellor’s announcement on stamp duty. He said: “For a market in the early stages of recovery this will be a really strong boost for first-time buyers. It was particularly evident during last year’s stamp duty holiday with buyers rushing to complete sales before the December 31 deadline.”

Rory Allen, regional operations director for Reeds Rains branches in Northern Ireland, which rebranded from the Halifax in January, said: “Today’s announcement will give the housing market another shot in the arm, boosting transactional activity — and help to dampen the short-term effects of the looming General Election.”

Keith Mitchell of Templeton Robinson, which has five branches, said: “For some time we have been calling for some relaxation of the stamp duty levels because we have always believed that it would help to stimulate the market. It is a significant upfront cost for buyers.”

North Down estate agent John Minnis, with branches in Holywood and Donaghadee agreed: “This is the best thing that could have happened. This is such an important part of a buyer’s budget. It is very difficult for first time buyers to save up a deposit, to raise another £1,500 is a lot.”

But estate agent Desmond Turley of UPS, which has 12 branches, had mixed feelings: “Anything that helps the market is positive, but whether it will help the local market I don’t know. Our market has a long way to go,” he claimed. “We need more liquidity in our market and the banks and building societies need to respond.”

This article was first published at: http://www.belfasttelegraph.co.uk/lifestyle/house-home/estate-agentsrsquo-joy-over-stamp-duty-reform-14739898.html#ixzz0jBWC1Rxo

Click here to view properties For Sale in Northern Ireland under £250,000

Séamus Magee, Head of the Electoral Commission’s Office in Northern Ireland, said:

“The last decade has seen an unprecedented increase in the number of people buying their first home or move to something bigger, while numbers moving home within the private rented sector continues to grow.

“Moving home is a busy time and it’s easy to forget to register your new details – but you won’t have your say at the polls if you don’t.  A UK General Election can be called at any time.

“We would urge everyone moving house to add “registering to vote” to their list of important things to do, along with notifying your bank and utilities providers.

For details about registering to vote, and to obtain a downloadable registration form, visit www.aboutmyvote.com or call 0800 0323 700 to check your details on the register.”

Whether you are new to the private rented sector or have worked in the sector for some time but are not familiar with the law which governs the sector, this is an opportunity for you to find out more.

The Department is also taking this opportunity to launch its strategy for the private rented sector - Building Sound Foundations. The strategy will provide a platform to encourage and develop a private rented sector which is fit for purpose in our ever changing social and economic environment.

This event is free and is being facilitated by the Department for Social Development.

The event will commence at 6pm. Light refreshments will be served and the event will conclude at approximately 8pm.

The programme will include helpful advice on:
• the law governing private tenancies and what this means for landlords
• useful information about the role and responsibilities of the Department for Social Development and local councils and,
• practical experience gained to date, tips and advice for landlords on a wide range of issues and practice.

Each session will include time for open discussion and questions. A comprehensive information pack will also be available for all attendees.

For further information telephone 028 9082 9259.

Having received feedback from readers via previous in-paper surveys the new look paper was launched with an enhanced design and new brand image, aligned to www.propertynews.com. Perhaps the most noticeable change is that the ‘Your Area’ and ‘Your Local’ area papers have been merged to create one definitive property catalogue of what’s available on the market in Northern Ireland at any one time. You will notice however that the paper still continues to list thousands of properties from both Estate Agents and Developers.  

Readers will also be pleased to find that going forward the Propertynews Paper is to include regular editorial features regarding relevant property information, with topics ranging from  advice on preparing your home for sale, to gardening hints and tips.

In every edition the paper will also include the latest ‘Industry News’ such as the latest property iPhone application on the market available from Propertynews.com ,and advice from local Estate Agents.

The Propertynews Paper is available in over 300 estate agents and 75 mortgage brokers across the Province.

Average house prices in Northern Ireland are likely to remain largely flat over the next two years as the market faces a long and slow recovery, experts warned.

The Royal Institution of Chartered Surveyors (RICS) said its latest survey of the region's housing market showed there will be no rapid revival for the sector as the wider economy is set for a slow and uneven recovery.

And it warned that conditions could be made more difficult after the general election, with public sector spending cuts likely to be introduced by the next Westminster government.

Derek Wilson, head of lending products at Ulster Bank, which sponsored the RICS survey, said: "It is true to say that anyone hoping for strong price growth in the near future will likely be disappointed."

RICS spokesman Tom McClelland said that while housing market transaction levels are rising, the survey showed that any improvement will be at a slow rate.

"The housing market, like the economy, is in recovery mode. However, like the economy, recovery in the housing market is going to be slow," said Mr McClelland.

"Housing transaction levels, which are the most important factor in the housing market recovery, are rising, but at a marginal rate, and are still a long way off what you could call normal levels.

"In terms of prices, there continues to be some movement, but we anticipate that average house prices will be broadly flat over the course of the next couple of years.

"However, there will be variations and there are risks."

Ulster Bank spokesman Mr Wilson added, however, that buyers could benefit in the current climate. He said: "It will be encouraging for those seeking to purchase a home that the market is moving increasingly away from what were abnormal market conditions and into a period of greater stability."

Situated on the Bosphorus Strait it is the only city in world that spans both Europe and Asia. Conservative estimates put the population at 13m and present housing stock has reached capacity. With over 400,000 new inhabitants arriving each year to work or study – the megacity is exploding.

“The success of Istanbul's property market is a simple matter of supply and demand,” says Steven Worboys, MD of Experience International.

It is estimated that 250,000 new homes per year will be required until 2015 according to the Real Estate Investment Trust Association to meet the demand generated by foreign as well as domestic investment

The Pride in the Job Awards have been running for 29 years and were set up to recognise and reward the best site managers who deliver homes to an exceptionally high standard.  According to NHBC’s regional director for Northern Ireland, David Little, the award is an outstanding achievement:  “This is a huge accomplishment for Philip and for Dunlop Homes.  Simply put - Dunlop Homes is building homes to the highest standards in the U.K.  This is good news for home buyers and the house building industry in Northern Ireland.”

Dunlop Homes is a fourth generation family business based in Bangor, County Down.  The company recently celebrated its 75^th anniversary and is currently working on a number of developments across North Down and the Ards Peninsula.  David Dunlop, Managing Director at Dunlop Homes concludes:  “We are delighted for Philip and the rest of the team – we have a great record with the Pride in the Job awards and have previous regional winners in Stephen Austin and Andrew Dunlop for their work on Alder Grange and Walmer Grove. For four generations Dunlop Homes has been delivering the highest quality new homes to local buyers and we expect to be doing it for another four.”

Click here to view the Alder Grange development

This event is free and is being facilitated by the Department for Social Development.

Light refreshments will be served at 5.30pm and the first speaker will take the floor at 6.00pm. The event will conclude at 7.30pm.

The programme will include helpful advice on:
the law governing private tenancies and what this means for landlords, useful information about the role and responsibilities of the Department for Social Development and local councils and, drawing on practical experience gained to date, tips and advice for landlords on a wide range of issues and practice.

Each session will include time for open discussion and questions. A comprehensive information pack will also be available for all attendees.

If further information is required, please telephone 028 9082 9259

Click here to search for properties to rent throughout Northern Ireland

Whether you are new to the private rented sector or maybe you have worked in the sector for some time but are not familiar with the Private Tenancies (Northern Ireland) Order 2006 (the law which governs the sector), this is an opportunity for you to find outmore.

This event is free and is being facilitated by the Department for Social Development.

Light refreshmentswill be served at 5.30pmand the first speaker will take the floor at 6.00pm. The event will conclude at 7.30pm.

The programme will include helpful advice on:

• the law governing private tenancies and what this means for landlords,
• useful information about the role and responsibilities of the Department for Social Development and local councils and,
• drawing on practical experience gained to date, tips and advice for landlords on a wide range of issues and practice.

Each session will include time for open discussion and questions. A comprehensive information pack will also be available for all attendees.

Tickets for this event are half price at £3.50 if you follow the link below

https://app.selfbuild.ie/tickets/nticketform1.asp?S_IDR=5012405100211

Click here to view all the sites for sale on propertynews.com

The average cost of a home in Scotland rose by 94% during the 10 years while in Northern Ireland prices ended the decade 99% higher than they started it.

The North and North West also saw strong growth of 120% and 112% respectively during the period, while in Wales house prices increased by 122% to an average of £137,316.

At the other end of the scale, price growth was slowest in London during the decade, with the average cost of a property rising by 80% to £255,473, followed by the South East at 85%.

Redruth in Cornwall saw the biggest price jump at 207%, followed by Penzance, also in Cornwall, at 188% and Ramsgate in Kent at 181%.

The cost of the average home in the 10 best-performing towns rose by at least 160% between the end of 1999 and the end of 2009.

Across all regions of the UK, house prices rose by an average of 105% during the 10 years, the biggest increase in real terms seen during any decade in the past 50 years.

Despite property losing a fifth of its value between mid-2007 and mid-2009, the average house price still rose from £81,596 during the final quarter of 1999 to £167,020 in the three months to the end of December 2009.

Martin Ellis, housing economist at Halifax, said: "The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains."

Professor Rodney McAdam, Head of the Department of Marketing, Entrepreneurship and Strategy said: “All of these award winners were outstanding students. For those who left university last summer, we are glad to hear today that many of them have gained employment in marketing.
 
“This is a day of celebration which brings together our students, family members, academic staff and sponsors.”Julieann Tsang, Group Marketing Manager of Propertynews.com said “Propertynews.com is proud to sponsor this award in celebrating such outstanding achievement and would like to wish all the winners every success in their future careers – congratulations once again!”
 
The winners were:  

Charlotte Jess, BSc (Hons) Marketing, from Carrickfergus
Marketing Institute of Ireland Award for Excellence - Best Overall Final Year Student
Chartered Institute of Marketing Award for Excellence - Best Dissertation 

Claire McCamley, MSc Marketing, from Maghera
Envision Management Consultants Award for Excellence - Best Dissertation 

Catherine Robinson, BSc (Hons) Marketing, from Ballymena
Hastings Hotels Award for Excellence - Best Overall Second Year Student 

Emma Hawthorne, BSc (Hons) Marketing, from Carrickfergus
Property News Award for Excellence - Best Overall E-Marketing Student

Richard Kee, MSc Marketing and Entrepreneurship, from Dundonald
Wrightbus Award for Excellence - Best Overall Final Year Student

Dominic Darby, MSc Agri-food Business Development, from Belfast
Moy Park Award for Excellence - Best Overall Student

If you are an iPhone or iPod touch user you can download it today by visiting http://www.propertynews.com/iphone

Key functionality of the Propertynews app includes the ability to locate a house hunter’s exact position using inbuilt GPS technology and plot the location of properties for sale or rent within the immediate area and beyond. Users can also search for property via a keyword or area search or indeed by map with directions right to the front door of their new home.

The app has been designed to afford the user the same high quality search experience as the main Propertynews website and contains full brochure information and property photographs which can be launched via a slideshow feature in full screen mode.  The iphone app also offers immediate access to Estate Agents through a 'Call the Agent' or 'Email the Agent' button and house hunters can also forward properties to their friends or post to social networking sites at the touch of a button

Emma McNally, Managing Director of www.propertynews.com commented: “With almost a fifth of our existing visitors already accessing the website via a mobile device and an increasing number via an iphone handset we were keen to develop a property App specifically for the local marketplace. The app provides a new and innovative way for house hunters to search the largest database of properties for sale or rent in Northern Ireland and offers a state of the art user experience.”

Andrew Gough, Managing Director of GCD Technologies Ltd states that “With over 3 billion Apps downloaded since the App Store launched only 18 months ago, Apple has exceeded all expectations and begun a revolution in the mobile industry. Building a native iPhone App for Propertynews.com has enabled us to make full use of the iPhone's hardware, including GPS, accelerometer and multi-touch capabilities."

In conjunction with the release of the app Propertynews have also upgraded the existing mobile version of their website mobile.propertynews.com  which is due to launch to the public w/c 11^th January.

The Propertynews iPhone app is available for free download from Apple’s App Store on iPhone and iPod touch or at itunes.com/appstore/.

While mortgage advances increased for house purchases, the amount of people refinancing the mortgage on their existing home was relatively low with only 33,000 people changing over to a new mortgage. Michael Coogan, director-general of the CML, commented that “We are still in a two-speed mortgage market.”

Christine Farrell, head of the Residential property department at Wilson Nesbitt solicitors in Belfast, Northern Ireland recently expressed concern about the property market in early 2010, pointing to the end of the stamp duty holiday and increasing property prices from confidence gaining sellers. Time will tell if the 'two-speed mortgage market' grinds to a very slow 'one speed' in the first quarter of 2010 as some economists have recently predicted.

First published on Wilson Nesbitt website

The latest figures from the University of Ulster's House Price Index pointed to a modest 2% hike in house prices during the last quarter, but sales are still sluggish.

Meanwhile, industry experts have claimed any talk of dramatic house price growth is premature.

And while house prices are on the up, so too are the province's repossession figures. They rose by 12% in the third quarter of this year to 1,124. This figure has almost doubled since 2005 when there were 623 repossessions.

And it's a far cry from the heady days of the 2006 boom when the average price here rocketed to £250,000. Now it's a more affordable £164,017 following the bust of July 2007 when prices plummeted by up to 40%.

Despite the white knuckle ride of recent years, house price reports earlier this year painted an optimistic picture and the market appeared to have found its form with property values on the up, albeit by the smallest of margins. And while the lucky few watched their humble abodes more than double in value when the market peaked, others are now paying the price following its crash and are stuck in a negative equity trap.

The credit crunch and ensuing banking crisis have made 100% mortgages a thing of the past with aspiring homeowners having to stump up a 10% plus deposit in a bid to get the best home loan deals and most competitive interest rates.

Unsurprisingly, homeowners now want to know what is going to happen next, while housing experts have claimed there is evidence of a market in recovery. But who has emerged unscathed in the game of property snakes and ladders?

Who won, who lost, who's still playing ...?

The owners who are stuck in negative equity

Room for improvement - Bangor couple Jenni McKnight and Jamie Mendez with son Owen

Jenni McKnight (25) lives with her partner Jamie Mendez (23) and their two-year-old son Owen in a two-bedroom end terrace just off the High Donaghadee Road in Bangor

We bought our first house in Grovehill Gardens in October 2007 for £180,0000. It is very well furnished and modern with a long back garden, so in some ways it is slightly different to others nearby. Similar houses in this area are currently on the market for between £140,000 and £145,000, although there are new houses in the area for sale at £120,000. Our house is older and needs work done to it.

It is very hard when you see your friends living in brand new houses with three or four bedrooms, with no work to do, which cost £20,000 less than what we paid. We bought a house in a good area and I didn't think it would drop like this. When we bought this house the asking price was £185,000 which we thought was expensive at the time. The buyer eventually accepted £180,000 but we had to push ourselves to the limit to afford it.

We decided to buy when Owen was born and we wanted to be independent and have a go at owning our own home.

My parents have always lived in a large house and there was enough room for all of us, but we wanted our own space.

We wanted a good area that was near the primary school we had in mind for Owen and this was perfect. I don't drive and it's near the park and just a short distance into Bangor town centre. But as Owen is getting older, we have noticed there is not enough space for his toys. We have walk-in wardrobes, but the attic is too small for storage.

If it wasn't for the negative equity we would definitely be trading up to a bigger house, but we are looking to the future. One possibility is to extend the house as we have a large garden - it's another option.

There are other homeowners near us in the same boat, and they too are considering extending. We will save up the money for the building work. Although we are very happy with our home and its location, we do need more room.

We will just keep paying our mortgage and saving up for what we need, and hope the house prices will go up soon. Jamie doesn't think it is that bad, and the market will recover quite soon.

We were really worried about it until it happened, but now we know so many other people in the same situation as us."

Buyers who bought at just the right time

High hopes - Jimmy and Maria Cano moved into a new home in Duffield Park in Belfast

Filipino nurse Jimmy Cano (35), moved into a three-bedroom semi-detached house off Belfast's Ballygomartin Road with his wife, Maria and their three children Marty (16), Colleen (11) and Justine (7) three weeks ago

I moved to Northern Ireland six years ago because there was a need for nursing staff here. Initially I lived in accommodation at the Royal Victoria Hospital where I work, then stayed with friends and subsequently rented various houses. I have moved five times during my time here.

We decided to buy a property for family reasons and put a bid on a house in West Circular Road in July, but the sale fell through. Then we found this house in Duffield Park off the Ballygomartin Road in September and the sale was completed very quickly - in seven to eight weeks. The only delay was the mortgage as we had to apply again despite being given a home loan for the property that fell through. It took over two weeks for the mortgage to clear.

I believe we have bought at the right time. I spoke to the neighbours before we put a bid in and found out that houses locally were selling for £15,000 less than what we paid, but that was five years ago.

We paid £123,000 which I think is okay. Had we bought two years ago this house would have cost £200,000 and I would not have even considered it. We had to put a 10% deposit down so the mortgage is £111,000.

I was disappointed I couldn't get a 100% mortgage, as the deposit was a lot of money and took up most of our savings.

Nearly all of my friends who bought houses a few years ago didn't have to pay a deposit. However, it is a good thing as we now have some equity in the house and don't have the high interest rates to pay.

I have been following the property stories in the news so I know house prices here have gone up 2% recently, and I really hope my house goes up in value.

The recession is worrying, although I think the situation in Northern Ireland is different to other parts of the UK. In one sense it doesn't really matter as we are planning to stay here for a long time, it's not like we need to sell the house really soon. We have a home and that is the most important thing. But obviously I hope the prices will go up. I think they will, but perhaps not for two years."

Trapped by the house price crash

Niall Little (37), who runs businesses in photography and quantity surveying, lives with his wife Suzanne and their three daughters Jessica (11), Charlotte (7) and Olivia (3) in a four-bedroom detached house in Comber

I bought my house in Carnasure, Comber, five years ago from a developer for £330,000 as it was a good opportunity to own a family home. By early 2007 I wanted to emigrate to America with my family to really grow my business in another country.

At that time my house was valued at £650,000, and there was even talk of it reaching £700,000 as the market was still booming. However, the day my house went on the market another similar property also in the development went for sale at slightly less than our asking price. We had a couple of viewers, but then the drops started in September. The price started to go down in increments of £50,000 and bottomed out at £450,000.

I had already lost heart when it went under £500,000 as I needed the equity to relocate and put into a new business in America.

I just got fed up with the price dropping all the time. Even if I had just been trying to move to Belfast, a similar house there would have cost £950,000 at the time, so I needed to make money.

In addition, house prices outside Belfast fell faster than those in the city.

I took the house off the market by the end of 2007 and shelved any plans to emigrate. I decided to just ride out the decreases. Now, however, I think the market has found its natural home.

Affordability is better in Belfast now. And as all my daughters are in school in the city, I'm hopeful I could sell in the New Year and afford a move there. House prices have stabilised and I feel there will be an opportunity between now and the spring to sell at the right price. That opportunity wasn't available a few years ago.

It would certainly help with the daily commute. Our house is still a good, sensible buy and there should still be a demand for it.

And while I wouldn't think there will be healthy house price rises in the New Year, there should be enough demand to push prices up more than the small increases of this year.

Had to drop price to sell

Jenni Barkley (28), a public relations executive, has just sold her two-bedroom apartment in east Belfast and is trading up to a three-bedroom semi-detached house also in the area

My first home, a new-build two-bedroom, two-bathroom apartment in Lewis Square cost me £95,000 in December 2005. I liked the first floor flat as all the houses I had looked at had tiny halls and narrow stairs, and just felt claustrophic. I felt secure at the apartment as it was the first time I had lived on my own, having previously lived with my parents. I thought the price was all right and it was before the market went mad.

It was September 2007 when I decided I wanted to move. I wanted a garden, and it might sound silly but I just wanted somewhere with my own front door and my own wheelie bin. My confidence had grown after living on my own and I wanted to live in a house that didn't have a communal front door. I just got fed up carrying everything up and down stairs all the time.

My apartment was valued at £189,950 which I thought was rather ambitious. I even said at the time 'that's too much'.

But there were other similar apartments for sale at that time for that price so I went along with it.

Over the next two years I dropped the price to £150,000 then £120,00 as prices started to fall. I had lots of viewers but no real offers. I think there were serious buyers among them but they just couldn't get finance. I stopped looking at houses for myself as there was no way I was going to buy without a sale. I just didn't want two mortgages at my age.

At one stage I did consider withdrawing the property from the market as I was fed up with people traipsing round the apartment. But then I got an offer of £110,000. Everything happened really quickly from that point and about 40 minutes later, when I looked at what I could afford, I accepted the offer.

I sold my apartment in October and just as quickly bought another house for £137,000. It took two years to sell my apartment, but I wouldn't have bought the older property I have now which needs refurbishing, if my flat had sold quicker.

When I put my apartment up for sale I thought I would just buy another new property where everything was done.

Now having made a £15,000 profit I feel I can justify a new bathroom and kitchen at this house.

Thanks to my savings I still have the same mortgage. And hopefully I will get moved before the stamp duty holiday finishes at the end of December.

Applications to build new homes for the three months ending July 2009 reveal that NHBC received 1,041 applications in Northern Ireland, a 36 per cent increase on the same period last year (763).

The figures also show that registrations during July alone were 71 per cent higher than July 2008, yet the number of new homes completed during the month was still 18 per cent lower than a year ago, showing that the market has some way to go.

David Little, NHBC Director for Northern Ireland, said: "This month's figures indicate that the market in Northern Ireland is beginning to stabilise, albeit from a very low base. Certainly the picture in Northern Ireland supports the suggestion that things are beginning to improve for the industry UK-wide."

NHBC statistics for Northern Ireland and the Isle of Man for the three months to the end of July 2009 also revealed:

• Of the 1,053 applications to start new homes in the combined private and public sectors during the three months to the end of July, 919 were related to private sector activity (i.e. excluding housing associations) - 9 per cent higher than the same three-month period a year ago (844).
• New build completions in the combined private and public sectors in Northern Ireland and the Isle of Man totalled 1,268 in the three months to the end of July 2009 - 19 per cent lower than the same period a year ago (1,556).

House Building Levels Improving in Northern Ireland

The Northern Ireland new homes market is continuing its steady improvement, according to latest figures from NHBC.

For the three months ending August 2009, NHBC statistics show that it received 997 applications to build new homes in Northern Ireland; a 38 per cent increase on the same period last year (723).

This increase follows that of the previous rolling quarter, which also showed an improvement in registrations compared with the same period in 2008.

David Little, NHBC Director for Northern Ireland, said: "Although house building figures are still relatively low, the overall picture is one of slow, steady growth. This supports what we are hearing in our meetings and discussions with builders, many of whom have been increasing activity on site again, albeit cautiously.

"We are still not experiencing a true indication of the level of demand for new homes as mortgage availability remains a constraint, and there is some way to go before we reach a level of productivity which will be sustainable in meeting the future needs for new homes."

• Of the 1,053 applications to start new homes in the combined private and public sectors during the three months to the end of August, 936 were related to private sector activity (i.e. excluding housing associations) - 23 per cent higher than the same three-month period a year ago (762).
• New build completions in the combined private and public sectors in Northern Ireland and the Isle of Man totalled 1,177 in the three months to the end of August 2009 - 11 per cent lower than the same period a year ago (1,318)

The latest figures from the University of Ulster House Price Survey released yesterday put the average property price here at £164,017 during the third quarter of this year. This is a far cry from the heady days of the 2006/07 boom when the average house price here rocketed to £250,000.

And although the most recent figure is up 2.1% from £158,886 in the second quarter, housing experts have claimed any talk of dramatic house price growth is premature with house sales still sluggish.

The optimism of surveys earlier this year appears to have dissipated with some parts of the province experiencing falling property prices over the quarter.

And while homeowners in North Down are enjoying prices up by a whopping 26.8% this quarter and 7.6% in Belfast, the north and west of the province have seen prices plummet.

Coleraine/Limavady/North Coast saw values drop by 8.9% compared to the second quarter with a similar story in Derry/Strabane down 6.6%, Enniskillen/Fermanagh/South Tyrone a drop of 8.6% and Mid and South Down having a 5.5% decline.

Report authors professors Alastair Adair, Stanley McGreal, Louise Brown and David McIlhatton, said: “The recovery in the housing market is still piecemeal.”

The housing experts added, however: “Positive signs are the declining rates of annual price decrease across the different sectors of the market and an overall weighted increase over the last quarter of 2.1%.”

Affordability is improving with 20% of houses sold at or below £100,000, with nine out of 10 properties selling at or below £250,000. The most expensive part of Northern Ireland to live in is South Belfast, with an average price of £223,145.

Economist Alan Bridle of Bank of Ireland Northern Ireland said: “The overall climate for housing remains challenging. There is little substantive evidence as yet of a real breakthrough in the number of first-time buyers entering the market.”.

Read more on the latest NI Housing Survey

The report is based on a sample of 3,238 private rental transactions in the Belfast Metropolitan Area during the first half of 2009 from www.propertynews.com. The performance of the market is measured by the average monthly rent by location, property type, number of bedrooms and the level of properties let

Average rental prices have fallen modestly by 4% in the Belfast Metropolitan Area to £570 per month and by 3.7% in the Belfast City Council Area to £577 per month compared to the same period in 2008. The average rental price differs little across property types i.e. apartments, townhouses and semi detached with the exception of detached which are commanding an increased average rent of £735, a 2.7% year on year uplift.

Rental transactions have also experienced a reduction in 2009 compared with the first half of 2008, falling by approximately 20% a level more in accordance with the 2007 statistics which could indicate a return to normal market conditions.

There is a consistency in market share on the types of properties being let year on year with Terrace/Townhouses remaining the most popular property type making up 40% of all lettings in 2009. Apartments and townhouses have slightly decreased in terms of relative market share year on year, while semidetached and detached properties have increased in both absolute numbers and % share.

The report indicates an active private rental market in 2009 in line with 2007 activity. While there has been an easing back in average rental levels it is modest in percentage terms and not comparable to the decline in resale property asking prices.

Read more on the latest private rental report

There are some indications that more people are deciding to put their homes on the market, encouraged by the recent improvement in market conditions. A continuation of this trend could help to improve the balance between supply and demand, curbing the strength of the stimulus to house prices resulting from the current imbalance.”

Key Facts:

• Prices in the three months to October were 2.9% higher compared to the previous three months.

• Nationally, the average house price has risen by 2.9% (£4,667) since December 2008. Prices have increased by 7.1% during the past six months since reaching a trough in April 2009; an increase in the average price of just over £11,000. This follows a decline of 23% between August 2007 and April 2009.

• House prices in October were 4.7% lower on an annual basis. The annual rate of change (measured by the average for the latest three months against the same period a year earlier) has fallen sharply from a low of -17.7% in April. It is at its lowest since May 2008 (-3.8%).

• Higher demand and supply shortages have pushed up house prices. A further rise in sales, combined with virtually no change in the stock of properties available for sale, caused the ratio of house sales to the stock of unsold properties on surveyors' book to increase for the ninth successive month in September. The increase in this ratio to its highest level since December 2007 indicated a continuing tightening in market conditions. New instructions to sell increased for the fourth successive month, suggesting that more homeowners are being encouraged to try and sell in light of the improvement in market conditions. (Source: RICS monthly survey, September 2009.)

• Lower interest rates have reduced mortgage payments. Monthly repayments accounted for an estimated 21.5% of average gross household income in October 2009 for existing mortgage borrowers. This is the lowest proportion of income devoted to mortgage repayments since mid 2004 and compares with a peak of 26.9% a year ago in October 2008.

• Housing market activity improves again but remains very low. Bank of England industry-wide figures show that the number of mortgages approved to finance house purchase – a leading indicator of completed house sales - increased for the tenth successive month in September, on a seasonally adjusted basis. Approvals were 68% higher than in September 2008, at 56,215, but were still 44% lower than in September 2007 (100,095).

The number of mortgages approved for house purchase rose to 56,215 from the previous month's figure of 52,970, suggesting the recent improvement in the housing market will continue.

The figures show a downward revision of July's data, indicating that homeowners repaid £292m more than was advanced in the month. This was the first time lending had been negative since the Bank began collecting data in its current format in 1993.

September's mortgage approval numbers are the highest since March last year.

But there was a further fall in the number of homeowners remortgaging, with those switching to a new deal dropping by 10% compared to August, to 25,528.

Overall lending through unsecured credit, such as credit cards, loans and overdrafts, was negative for the third month in a row.

Consumers repaid £262m more than they borrowed through unsecured debt in the month.

Within this total, outstanding credit card debt rose by £79m — a nine-month low — while money owed on loans and overdrafts fell by £341m.

Analysts said that while the mortgage figures were positive, they should not be viewed as a sign that the housing market was out of the woods.

Howard Archer, chief UK and European economist at IHS Global Insight, said the figures implied that mortgage activity “continues to firm” from the record low seen in November last year.

Read more: http://www.belfasttelegraph.co.uk/business/business-news/figures-show-mortgage-borrowing-on-increase-14546112.html#ixzz0VRNTOeWk

Mike Irvine, from the company, said their findings indicated that house prices may still continue to fall. He said: "There are a number of factors that will keep prices under pressure."

The report was published as the British Bankers' Association (BBA) said the number of new mortgages approved by the main UK banks for house purchase was rising.

Banks, which currently account for most new mortgages, approved 42,100 home loans for house buyers in September, up from 40,100 in August.

Bank mortgage approvals are now 77% higher than a year ago. The BBA said approvals had now been "rising steadily" for the past eight months.

Earlier this month, the Royal Institution of Chartered Surveyors said that although house prices in Northern Ireland were becoming more stable, nearly one in three estate agents were still reporting falling values.

Click here to view thousands of 'For Sale' properties

Work to build more than 1,000 homes on the 96 acre Millmount site in Dundonald is set to begin by the end of this month.

Developers Lagan Homes will create around 150 jobs in the construction phase. The first 150 properties are due to be completed by next summer.

The planning application is at an advanced stage and is expected to be rubber-stamped by Castlereagh council next week.

Stormont First Minister and East Belfast MP Peter Robinson said the project would provide a much needed economic lift.

"This is a significant announcement and a welcome boost to our construction industry and the many thousands of people and businesses that the industry supports," he said.

"Lagan Homes is typical of many Northern Ireland companies who have the vision and courage to help kickstart the economy, not only through job creation but by developing new homes on the market.

"I am delighted to see this prime residential development scheme making a timely return."

Conor Mulligan, Managing Director of Lagan Homes said: "The timing of this acquisition is perfect for Lagan Homes. We will seize on these opportunities to both expand our portfolio and avail of the opportunity to deliver affordable family homes on what is one of the best sites in Belfast.

"We can clearly see, from our other developments what sells and is needed now is good sized, well designed family homes at affordable, market-led prices.

"That is exactly what we are going to deliver and it represents a return to spacious semi-detached houses, designed for family living."

John Armstrong, Managing Director of the Constructors Employers Federation also welcomed the plans.

"The construction industry has been one of the hardest hit during the recession," he said.

"The Millmount development is a timely announcement that will immediately give jobs to around 150 construction workers such as engineers, brick layers, electricians, fitters, roofers, tilers and countless other related businesses such as quarries and kitchen/window manufacturers."

First Published in The Belfast Telegraph

The first Development - The Embankment in Belfast – comprises of five elegantly designed and landscaped apartment buildings on the waterfront in one of the city’s most desirable locations. Just minutes from the city the development, comprises of 216 one, two and three bedroom apartments, each one finished to exacting standards.

“The Embankment is a superb waterfont development on the banks of the Lagan at Annadale. It has proved very popular with owner-occupiers and first-time buyers to date and this exciting competition is providing one lucky purchaser with a helping hand in their first year as an apartment owner” says Sarah Cole of BTW Cairns, one of the joint selling agents of the Embankment along with Ulster Property Sales.

The second development in the One Year Mortgage competition is the Woodbrook Brokerstown Village in Lisburn, a wholly sustainable village community that draws on many international influences to create a safe, homely and self sufficient environment. The development includes affordable apartments aimed at singles and couples and a village centre with shops, community facilities, a recreation area and children’s playground.

Joanne McKee of Ulster Property Sales comments: "Woodbrook Eco Village represents an opportunity to purchase the most impressive, affordable and eco friendly homes in Lisburn, we are particularly excited to be involved in the competition which will make buying that special home in Woodbrook an even more life changing and rewarding experience."

In addition, The Carvill Group are also offering a trip of a life-time to New York to one special Propertynews.com reader. To be in with a chance of winning a holiday to New York, readers simply have to log on to Propertynews.com and forward a Carvill brochure page from either The Embankment or Woodbrook developments to five friends. For every additional five friends entered the chances of heading to the Big Apple increase!

Commenting on the exclusive promotion, Colin McKee, Sales Director New Homes with Propertynews.com stated “We are delighted to team up with The Carvill Group to offer our valuable readers such fantastic prizes. New Build listings on Propertynews.com have reached record levels with over 260 Developments across Northern Ireland now listed on the site and we are delighted that The Carvill Group and their selling agents are harnessing the power of Propertynews.com as Northern Ireland’s busiest website, to promote the developments involved in the competition.”

Further details of the reader competition can be found on www.propertynews.com/carvill

Further details of the both the Embankment and Woodbrook developments can be found within the New Homes section on www.propertynews.com

The study puts the average house price in NI at £147,204.

Nationwide said the softening in the year-on-year rate of price decline may indicate improving affordability.

"The ratio of house prices to earnings is now broadly in line with that for the UK as a whole, having been well above the UK average for most of the last two years," said the Nationwide's chief economist Martin Gahbauer.

Mr Gahbauer suggested that any recovery is not being spread equally across Northern Ireland.

"The Northern Ireland (West) sub-region saw the largest annual fall in house price this quarter and has also been the worst performing area over the last two years," he said.

"Elevated levels of unemployment in parts of the area are likely to have had a negative impact on prices."

This is the second report in recent months to suggest that the Northern Ireland housing market is showing signs of recovery.

A University of Ulster/ Bank of Ireland survey in August showed that house sales were increasing with prices moving up slightly.

The 10 shortlisted construction projects demonstrate the beneficial impact that the construction industry has on many diverse areas of our society.

These include:

St Pauls High School, Newry – Felix O’Hare
Causeway Hospital, Coleraine - Gilbert Ash
Toome Bypass, Toomebridge – FP McCann
Fofanny Water Treatment Works, Newcastle, Co Down – Farrans (Construction_ Ltd
Millar Street, Ravenhill Road, Belfast – Carvill Group
Ballyharry, Newtownards – Ferguson Homes
Linen Hall Library, Belfast – William Dowling Ltd
Victoria Square, Belfast – Farrans/Gilbert-Ash
Lough Erne Golf Resort & Spa – McCann Brothers
Odyssey Arena, Belfast – Farrans/Gilbert-Ash


The results of the public vote will be announced on 8 October at Construction Employers Federation's Construction Excellence Awards Gala Evening.

To find out more about all the short listed entries and to cast your vote visit http://www.belfasttelegraph.co.uk/news/environment/best-building-poll and may the best one win.

The Royal Institution of Chartered Surveyors (RICS) said its latest market survey for the province was more positive that at any stage since July 2007.

The monthly survey sponsored by the Ulster Bank pointed to levels of agreed sales continuing to rise and an ongoing stabilisation of prices.

The bank's mortgage chief said it believes the vast majority of the house price "correction" had now been completed.

Institution housing spokesman Tom McClelland said: "The RICS housing market survey has been reporting increasing transaction volumes for some months now and this has since been reinforced by other surveys of the local market."

However he cautioned: "Whilst encouraging, this should be kept in perspective, as this has been from very low levels. There is still some way to go before they reach what would generally be considered normal."

The survey indicated that estate agents expect sales levels to increase again in the next three months.

"It will be interesting to see whether this is boosted by a rush to purchase before stamp duty threshold is due to return to £125,000 from £175,000 at the year end," said Mr McClelland.

He added: "With regard to prices, this latest data adds to growing evidence that prices have been stabilising. Surveyors expect this trend to continue in the months ahead."

But he said it was important to point out that there were large variations in the market and different property types and different areas may have had significantly varying experiences.

In the longer term there were a number of other factors which could hit the market, including the reduction in government spending and potentially toxic asset sales by the Irish government's NAMA, he warned.

The net balance of surveyors reporting that agreed sales increased in the last three months was 70%, up from 45% the previous month.

The net balance reporting sales would rise rather than fall in the next three months was 50%.

Meanwhile the survey's price balance improved to -18 from -20 and -45 in the previous two surveys. In mid 2007 it was at zero and fell to -90 before starting the climb back.

The price balance is achieved by combining the agents why say prices were rising, those - the vast majority - who said they were stable - and the small number who said they were still falling.

The price expectation balance, at 10%, is at its most optimistic since June 2007.

These traffic figures have reaffirmed that Propertynews.com is not only Northern Ireland’s most popular website but is a key enabler in the homebuying process for thousands of house hunters and renters.

Emma McNally, Managing Director of www.propertynews.com commented “Reaching our highest traffic in the history of Propertynews.com, particularly over a summer month is an outstanding achievement. It shows clear signs that people are still interested in the property market.”

The website recently announced the launch of a new rental management software package, known as REDGE. It was designed and developed by Propertynews.com in conjunction with GCD Technologies, especially for the local NI Letting Agents.

It is the second time Phoenix has lowered its prices in nine months following a 22.1% decrease at the start of the year and takes prices back to 2006 levels.

David Strahan, general manager of Phoenix Supply, said: “We made a commitment to our customers in January that should the wholesale cost of gas continue to fall we would, once again, reduce prices accordingly. This is a promise we have kept.”

The Belfast Telegraph’s Price Watch campaign has been at the forefront of the fight for fairer gas, oil and electricity prices, and the reduction by Phoenix has raised hopes that electricity customers may be in for good news when Northern Ireland Electricity announces new tariffs next week.

Today’s price cuts followed consultation with the Utility Regulator, the Consumer Council for Northern Ireland and the Department for Enterprise, Trade and Investment. Chief executive for the regulator Iain Osborne said it had moved to ensure a drop in wholesale gas prices was quickly passed on to consumers.

“Gas customers in the Greater Belfast area are now paying bills that are back to 2006 levels, and that compare favourably to the Republic and to the rest of the UK,” he said.

The Consumer Council said the cuts will provide much-needed relief for over 100,000 Phoenix Supply customers, mainly in the Greater Belfast area.

However, chief executive Antoinette McKeown said: “In 2008 Phoenix customers suffered from significant increases on their bills, which caused the Consumer Council serious concern. Today’s decrease reduces gas prices to a level lower than in 2006 and puts a price in place for the next 18 months, bringing much-needed stability for many consumers here.”

“Today’s announcement is good news for Phoenix customers. However, we must put it in context; Phoenix customers represent 17% of households in Northern Ireland in contrast to around 70% of homes that use oil. Oil is subject to much greater price volatility, making it harder for families to budget effectively.

"The Consumer Council wants to see open and transparent pricing when it comes to oil."

Read more: http://www.belfasttelegraph.co.uk/news/local-national/pound104-cut-in-gas-bills-14484663.html#ixzz0Qmj8QEV8

"NIE Energy was able to cut electricity prices by over 10% earlier this year,"she said.

"It's too early to put a figure on our forthcoming electricity price change, but the signs are hopeful."

Details of lower electricity tariffs, which will come into effect on October 1, will be welcomed by consumers who should see the benefits in their bills from January, when winter begins to bite hardest.

Industry sources have told the Belfast Telegraph that, at the very least, householders can expect a price freeze, with the optimum scenario being a reduction of 5%.

The move follows news of falling prices on the wholesale gas market, which should benefit customers when the Utility Regulator approves energy costs for the coming winter.

Phoenix Gas is set to announce its new tariff on Thursday, with the expectation that householders will see prices reduced by up to 15%.

The situation is in stark contrast to a year ago when the Regulator highlighted a painful scenario as both gas and electricity prices jumped by almost 50%.

But already this year, Northern Irish consumers have seen electricity prices come down by 10.8%, while gas prices dropped by 22% in January.

The Regulator's office last night said that final figures were still being calculated and no decision had yet been made.

However, the announcements are expected on September 10 and 15 for gas and electricity respectively.

"We are still at the stage of doing a final piece of scrutiny on the proposals," a spokesman for the Utility Regulator said.

"Once that has been concluded the energy companies will be in a position to make an announcement."

There is, however, bad news for home heating oil users, as prices — which have already increased by over 20% this year — are moving upwards.

OFTEC Ireland spokesman, David Blevings, said consumers can protect themselves from high fuel bills by filling their tanks ahead of winter.

"The predicted increase is mainly due to an expectation of global economic recovery which has caused volatility in oil markets, with forward crude prices moving higher," he added.

http://www.belfasttelegraph.co.uk/news/local-national/electricity-will-be-cheaper-this-winter-14480834.html

While the volume of sales is still low in comparison with normal market conditions, the quarterly increase hints that the worst of the slump is over, according to authors of the University of Ulster bulletin.

The university's Quarterly House Price Index puts the average cost of a house in Northern Ireland at £158,886.

This is down only 0.5% on the last quarter - a significantly lower rate of decline than the 10.8% drop in price experienced between January and March.

Co-author of the report Professor Alastair Adair said there were signs that the market was becoming reinvigorated.

"This survey provides the first tangible evidence that the housing market is starting the process of recovery -transactions, although still below normal market conditions are up, the rate of price decline is reducing and growth has occurred in some market sectors during the second quarter of 2009," he said.

The UU research, which is produced in partnership with the Bank of Ireland and the Northern Ireland Housing Executive, records all open market transactions and also notes anecdotal evidence of market activity from 120 estate agents across the region.

Last quarter it also found that almost a fifth of properties were selling at or below £100,000, with almost two thirds selling at or below £150,000.

Head of Research at Bank of Ireland Northern Ireland, Alan Bridle said: "This latest survey provides some encouragement that the two year-old housing recession in Northern Ireland may be coming to an end with evidence of both price stability and an increasing level of activity in the last three months.

"The results also chime strongly with the improving sentiment being reflected in various UK-wide readings of the residential market, qualified of course by recognition of the severity of this particular downturn."

The Housing Executive's Head of Research, Joe Frey gave the report a cautious welcome.

"The first indications of stabilisation in the market are certainly welcome," she said.

"However, it is important to be cautious at this stage. First-time buyers often have to find deposits of 25 per cent and there are still considerable numbers of unsold new properties on the market. There is still some way to go before a more balanced market emerges."

View Full Northern Ireland Housing Report

Download PDF Version of Northern Ireland Housing Report

The announcement comes as Propertynews.com experienced it's busiest July ever, despite the summer holiday period, with over 530,000 visits from eager house hunters logging onto the website  - a 15% jump from the same period last year.

Emma McNally, Managing Director of www.propertynews.com commented on the rankings: ‘We are delighted to appear among the top 10 UK portals. 2009 has marked a record year for traffic to Propertynews.com with monthly page views now exceeding 16 million.The latest ComScore figures demonstrate the popularity of Propertynews.com as the definitive website for new builds, rental and resale properties in Northern Ireland.'

Top 10 UK Property Portals for July 2009

1. Rightmove
2. The Digital Property Group
3. PropertyFinder
4. Globrix
5. Homeswapper
6. Nestoria
7. Trovit UK
8. Zoopla
9. Fish4Homes
10. PropertyNews

Source: comScore

ABOUT PROPERTYNEWS.COM

Operating since 2001 Propertynews.com is Northern Ireland's definitive property portal for resale, rental, new build and commercial property.The website is supported by all leading Estate Agents and boasts the largest database of property listings in Ireland. The website attracts over 16 million property viewings each month. Propertynews.com is part of the Independent News & Media Group.

ABOUT COMSCORE

comScore, founded in 1999,  is a global leader in measuring the digital world and the preferred source of digital marketing intelligence. Through a powerful combination of behavioral and survey insights, comScore enables clients to better understand, leverage and profit from the rapidly evolving worldwide web and mobile arena.

comScore provides syndicated and custom solutions in online audience measurement, e-commerce, advertising, search, video and mobile and offers dedicated analysts with digital marketing and vertical-specific industry expertise. Advertising agencies, publishers, marketers and financial analysts turn to comScore for the industry-leading solutions needed to craft successful digital, marketing, sales, product development and trading strategies.

comScore data are truly global – the company tracks more than 3 million unique websites worldwide and the comScore panel includes consumers from 170 countries.

June's approval figure is the highest since last April, when 58,000 loans were granted, and is a 7 per cent increase on May's revised 44,169 number. 

Net lending rose slightly to £343 million, up from a revised £331 million the previous month. But May's figure was the lowest since the Bank began collecting statistics in this format in April 1993.

Approvals for people remortgaging rose to 35,011 during the month, while total advances, which include all types of mortgage lending, were £11.22 billion in June, around half the £22.05 billion lent during the same month of 2008.

While the net lending figure strips out remortgaging activity, it does include any increase in borrowing by remortgage customers.

But the current financial climate, as well as falling house prices, has made people unwilling or unable to unlock additional equity from their homes when they remortgage.

The record low level of net lending also reflects falls in house prices during the downturn, as well as bigger deposits that homebuyers are putting down, both of which have contributed to buyers borrowing less than previously.

Recent figures have suggested a slight improvement in the housing market.

Yesterday data from the Land Registry showed the average cost of a property increased by 0.1 per cent during June, the first positive monthly change since last January.

But economists have warned that rising unemployment in recession as well as a lack of mortgage availability means that house prices could have further to fall.

The pilots of the technology went live this week in Muswell Hill, north London, and Whitchurch, south Wales.

Lisburn is one of 69 exchange areas that will be upgraded with fibre-based access services as part of BT’s £1.5bn investment programme, making fast broadband services available to close to 14,000 homes and businesses in the Lisburn area by summer 2010.

BT will also offer access to its network to other providers on a wholesale basis to support competition, the company said.

“We’re really delighted today that we are able to rapidly build on our first announcement in March when BT selected the Balmoral Exchange in Belfast in phase one of its UK-wide roll out plans,” Chris Clark, CEO, BT in Northern Ireland, said.

“Fibre-based broadband is the future for Northern Ireland so we’re accelerating the pace of our investment programme to support such services. A world-class network infrastructure brings immense opportunities and benefits to Northern Ireland — helping to enrich the lives of consumers and communities, giving our businesses a competitive edge as well as supporting the public sector’s Programme for Government.”

The fibre cables connected to roadside cabinets will enable BT to deliver broadband speeds up to up to 40MB per second, potentially rising to 60MB in the future in Northern Ireland, speeds currently only being used by large companies. The technology will will also deliver faster upstream speeds — crucial for uploading large files — of up to 10MB.

Faster download speeds will give customers more speed to run more than one bandwidth-hungry applications at the same time, such as high-definition movies or video projects.

Lisburn Properties For Sale

Lisburn New Developments

Lisburn Properties For Rent

The quarterly RICS housing market survey, released today, shows that local chartered surveyors expect house prices to remain largely flat in the next three months and also pointed to an increase in transactions.

It is the latest in a series of reports over the past month to provide signs the Northern Ireland housing market is close to bottoming out.

Nearly half of the province's chartered surveyors said transaction levels had increased over the quarter to June and 45% said they had remained the same.

Where prices were concerned 59% said they had been flat over the three months and the rest said they had fallen.

While no surveyors reported an upturn in house prices, a massive 90% tipped prices to remain steady between now and the next survey in September.

And UK-wide surveyors expect prices to rise for the first time in more than two years.

RICS said that nationally 6% more surveyors expected prices to rise in the next three months than those who expected falls.

"We predicted that Northern Ireland would experience a sharp and significant correction in house prices and that this would be followed by a period when prices would remain largely flat," said RICS Northern Ireland spokesman Tom McClelland.

"The market is far from being homogeneous, but in general terms we have probably come near the end of the former and will probably soon enter into the latter, depending on what influence any outside or global factors bring to bear," he said.

Derek Wilson, head of mortgages at the survey's sponsor Ulster Bank, added: "We have seen a significant uplift in mortgage demand in recent weeks, particularly in the first time buyer sector, as the effects of the price correction and increasing signs of stability have created greater levels of interest. If house prices remain static, we expect this to be reflected in a degree of restoration of confidence in the market generally."

Meanwhile, the Council of Mortgage Lenders said lenders are reporting a rise in mortgage application fraud as consumers try to get around tight lending criteria.

The CML said its members had seen more people entering false details on application forms, particularly inflating the level of their income.

The problem has been exacerbated by a rush of buyers hoping to take advantage of recent house price falls to get on to or trade up the property ladder.

It is being offered only to the firm's existing mortgage customers whose house value is less than the mortgage on the property, but who are looking to move home and borrow more.

The product's availability comes despite the much tighter lending criteria introduced by virtually ally all lenders in the wake of the credit crunch.

Nationwide said that its existing customers in negative equity would be offered its 95% loan-to-value deals, with rates of 6.73% fixed for three years or 7.48% fixed for five years.

The interest rates for the additional borrowing, up to another 30%, rise to 7.23% and 7.98% respectively.

A Nationwide spokeswoman said the new deal had been available since early June.

She told The Guardian: "It is a very niche offer. All we are doing is allowing them to carry across the negative equity they already have.

"It's not about additional borrowing or additional risk. The maximum borrowing we would consider is 125% overall, but that doesn't mean someone can automatically get that. We would go through our normal procedures, looking at income, outgoings and so on."

Mortgages worth up to 125% of house values were offered by doomed lender Northern Rock before it was rescued by the Bank of England in 2007.

Ray Boulger at mortgage broker John Charcol described Nationwide's new product as a "really consumer-friendly move".

He added: "There are at least two other major lenders actively looking at introducing something similar for existing customers."

The latest house price survey from Halifax showed they resumed their downward trend during June - dropping by 0.5%.

The fall, which followed a 2.6% rise in May, left the average UK home costing £157,713, in line with prices during the second quarter of 2004, Britain's biggest mortgage lender said.

Belvoir, the lettings specialist which has offices in Portadown, Newtownards, Bangor and Belfast (South & East), believes this flood of new properties coming onto the rental market is the result of homeowners choosing to let their properties and become ‘accidental' landlords rather than try and sell in a depressed housing market.

As the number of properties available to let grew sharply, this was initially matched by a big increase in the number of people looking to rent as they were unable to raise the funds necessary to buy their own home. Rental incomes continued to increase until reaching a peak in Summer 2008, after which they went into decline as supply started to outstrip demand.

John Hollingsworth of Belvoir Lettings, Portadown, feels that rental incomes are at last beginning to stabilize. "The bottoming out witnessed at the beginning of the second quarter of 2009 is certainly significant," says John. "Being optimistic, this stabilization could be the first signs of ‘normality' returning to the rental property sector. However, it could also be the result of increasing numbers of people now choosing to rent rather than buy."

Mike Goddard (pictured above) Chief Executive of Belvoir Lettings in the UK adds:

"Mortgages, which drive the Northern Ireland housing sales market, remain difficult to come by, especially for first time buyers and, despite rental incomes dipping in the second half of 2008, the residential lettings market remains robust, driven as it is by tenant demand."

Belvoir is the UK's leading lettings specialist and has a network of over 140 franchises that stretches across the whole of the UK, looking after a property portfolio valued at more than £1 billion.

As the market continues to evolve and adapt, the company offers the following advice to homeowners who, because of the recession, have found themselves becoming ‘accidental' landlords in the past 18 months:

Be wary of the burgeoning ‘pop up' lettings agencies - the big rise in rental properties has resulted in novice letting agents opening up to cash in on the market. It is always best to seek out a reputable and experienced agent who will know how the market is evolving and have strong local knowledge allowing them to offer professional and sound advice to both new and existing landlords

Ensure that your mortgage lender is aware that your property is going to be let

Seek professional advice to ensure that you have the right house insurance policies in place

Managing your own let can be time consuming and stressful so consider employing experienced property management specialists who will make sure tenants feel and are well looked after

Ensure all required safety checks have been carried out on your property before it is let (e.g. CORGI registered etc) - a good lettings and property management agency will be able to advise on all legal requirements

Before letting your property, ensure that you have acquired an Energy Performance Certificate (EPC) - a legal requirement from 1st January in Northern Ireland.

"The residential rental market remains robust but is evolving in line with prevailing economic conditions," explains Hollingsworth. "With our years of experience, market insight, local knowledge and understanding of an ever changing environment, we at Belvoir are well placed to ensure that both landlords and tenants continue to enjoy the many benefits of property rental."

Complimenting the hugely successful Propertynews.com residential sales software 'EDGE', the new system is proving to be a big hit with all the leading rental agents. As a founding member of the research group, Jonny Watson, Lettings Manager, McGeown Estate Agents, commented "Being involved from the outset on the steering committee for Rental EDGE was invaluable and provided me with the opportunity to shape the system to perfectly suit the local rental management industry - ensuring we all operate most effectively and efficiently on behalf of our clients"

Andrew Gough, Managing Director of GCD Technologies says that the company:  "... were delighted to be given the opportunity to develop this new software product for the EDGE stable. Estate agents involved in rental lettings and management now have a powerful tool that can become the core of their operations, mirroring the benefits the existing EDGE product has brought to the resale sector. By matching the latest technologies with a lengthy customer feedback process we've ensured Rental EDGE will be right at the forefront of Estate Agent software."

Speaking at the launch of Rental EDGE, Samuel Dickey MRICS, Partner in Gerry O'Connor Estate Agents remarked "We knew from our long history with Propertynews.com and their EDGE system that the new software would be top class and the support of a high standard. The new Rental EDGE system allows us to be more efficient in our delivery of service to both landlords and tenants".

An early adopter of Rental EDGE, Karen Gilliland Accountant, BTW Cairns, highlighted how important it is for agents to keep abreast of new technologies, stating "We always strive to break new ground when it comes to technology and our business. We at BTW Cairns believe in continual innovation to ensure that our landlords and clients receive the best service we can offer. The days of paper management are over".

Propertynews.com has provided software applications and support services to the property industry for over 10 years. Emma McNally, Managing Director Propertynews.com, commented "We are extremely proud to provide core business products to our customers and are delighted to see that the new rental software system is already delivering tangible benefits to local Estate Agents across the province. There is no doubt that Rental EDGE can radically transform the efficiency of the rental management process and thanks must go out to the agents who participated in the steering committee and also the expertise of GCD Technologies".

Interest rates will depend on the particular mortgage taken out but the bank said it is offering a two-year fixed rate mortgage at 90% loan to value at an interest rate of 5.59% with an arrangement fee of £399, a three-year fixed mortgage for 5.75% and a base rate tracker at bank base rate plus 2.45%.

Ian Sheppard, head of corporate and property for Bank of Ireland in Northern Ireland, said: "Housing in Northern Ireland is increasingly affordable as prices fall from their peak. We are delighted to be working hand in hand with these local developers to assist potential homebuyers acquire residential property. These are competitive mortgages at historically affordable rates which we believe will help contribute to a return of confidence in the market."

Martin Canning from the McGinnis Group, the developers behind Coopers Mill in Dundonald, added: "We believe that prices for new build property in Northern Ireland have levelled off and now represent excellent value for home buyers. Financial institutions such as Bank of Ireland also recognise this and are increasing the availability of suitable mortgage products.

"We are pleased that the bank is responding to the property market and supporting property developers like McGinnis Group."

The developers and developments taking part in the scheme include: McGinnis Group's Wellington Square in Belfast; Saintfield Properties' Saintfield Mill; Fordclose's The Riverside in Antrim; Shimna Developments' Shimna Mile in Newcastle; and Pattons' Wellington Crescent in Ballymena. Also involved are: Seymour Sweeney with Shell Hill in Coleraine; Bryan Orr's Loranville in Larne; Glencloy development Church Row in Kilrea; Tara Homes' Castlewalk developments in Coleraine; Fairview Developments in Ballymoney, Ballycastle and Coleraine and Brian McCracken developments in Londonderry.

A new 150-bedroom hotel, 60 shops, office units, an outdoor arts venue and a promenade are included in the regeneration plans for the Queen's Parade area.

Launching a public consultation on the ambitious project, Social Development minister Margaret Ritchie said it would help unlock much of the Co Down town's potential.

"The regeneration of Queen's Parade offers a unique opportunity to regenerate Bangor town centre and waterfront," said the SDLP minister.

A family entertainment centre is also earmarked for the site. The developer Karl Greenfarm also proposes a new pedestrianised street in the town centre with an additional 750 parking spaces.

Aran Blackbourne, Director of Karl Greenfarm, which is shouldering all of the project costs, said: "Bangor has a unique identity in an outstanding setting and we believe the marina has significant potential for an exciting mix of new uses to reinvigorate the waterfront and restore the town's position as a prime destination with shoppers, families and tourists."

"A retail-led scheme of this nature will provide a much-needed social and economic boost to the town, and will make a substantial contribution to the local economy by generating jobs and attracting investment to the area.

"We are confident that Marine Gardens will attract a strong tenant mix to strengthen and complement the existing town centre in addition to enhancing both the day and evening economies in the town."

Houses For Sale in Bangor

New Developments in Bangor

Estate Agents in Bangor

The private rental market in the Belfast Metropolitan Area during the second half of 2008 showed strong performance with the number of lettings increasing to 4243 compared with 3060 properties let in the second half of 2007, an increase of 39 per cent, as well as an increase of 5 per cent compared to the first half of 2008 (4042 properties)

Rental Levels

For the Belfast Metropolitan Area the overall average rent per month was £587 for the second half of 2008. This represents a small increase of (1.6%) compared to the average monthly rent during the second half of 2007 but a marginal decline of 1.2% compared to the first six months of 2008. The performance of residential rental markets in the Belfast City Council area which constitute about 62% of the total rental transactions in BMA was static relative to the second half of 2007 with an average monthly rent of £598 (Table 4).

In the rest of the Belfast Metropolitan Area (Carrickfergus, Castlereagh, Lisburn, Newtownabbey and North Down) the average monthly rent for the second half of 2008 was £558. This represents an annual rental growth of 4.7% but a decline of 2.4% compared to the first six months of 2008.

Download the full rental report

Giving the new navigation and design the thumbs up, Maurice Grey, Area Manager of Halifax Land and New Homes comments: "Halifax New Homes have over eighty new developments featured in the New Homes section of PropertyNews.com.   Enquirers can check availability, look at colour images, floor plans, site plans and can download the full brochure directly from their computer."

Strong reader traffic and thousands of new build property viewings have ensured that the number of new homes advertised on the website is increasing week on week.  Both Developers and Agents are harnessing the power of Propertynews.com to promote their portfolio of New Builds.

A number of the Provinces leading Estate Agents, including Templeton Robinson, BTW Cairns and Halifax, have now established a live feed of all their new homes listings directly onto Propertynews.com which are updated daily in real time.

Thomas O' Doherty, Director, BTWCairns speaks highly of the Propertynews New Homes section which he states "... is a very beneficial advertising vehicle for BTWCairns. The direct feed from our website ensures that all our new developments are listed on Propertynews.com and that they are kept up to date with the latest sales information."

Agents and Developers have reported high levels of both enquiries and sales of New Homes so far in 2009 and all agree that Propertynews.com is proving to be an integral part of the sales process. According to Maurice Grey, of Halifax Land & New Homes "..our staff are kept busy following up on the large volume of e-mail enquiries from prospective purchasers on PropertyNews.com -  many of which lead to sales."

Keith Mitchell, Partner/Director at Templeton Robinson concurs that advertising their vast range of new homes across NI on the provinces premier website generates leads: "The direct enquiry results and customer feedback  is tremendous and we constantly update new home availability on line throughout the busy working day''.

To check out the new look and feel new homes section and to view the widest variety of new build homes available across the Province simply visit www.propertynews.com/newhomes

View all BTWCairns Developments

Views all Halifax Developments

View all Templeton Robinson Developments

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

Speaking at the awards ceremony Professor Rodney McAdam, Head of Department of Marketing, Entrepreneurship and Strategy, commented: "All these award winners were excellent students and they are a credit to this University. This is a proud day for each one of them." 

Sharon Ponsonby-McCabe, Director of the BSc (Hons) Marketing programme, said: "Our annual Marketing Excellence Awards ceremony enables the sponsoring organisations, prize winners, their families and their friends to join the course team to celebrate such achievement."

Propertynews.com wishes all the winners every success in their future careers - congratulations once again!
 
Winners:
 
Danielle Conlan, BSc (Hons) Marketing, from Newtownards
Millward Brown Ulster Award for Excellence - Best Dissertation
Northern Ireland Tourist Board Award for Excellence - Best Overall Final Year Student.
 
Catherine Haughey, MSc Marketing and Entrepreneurship, from Lurgan
Millward Brown Ulster Award for Excellence - Best Dissertation
Wrightbus Award for Excellence - Best Overall Final Year Student.
 
Kelly Donnelly BSc (Hons) Marketing, from Newtownabbey
PropertyNews.com Award for Excellence - Best Overall E-Marketing Student.
 
Kristina Moxham, BSc (Hons) Marketing, from Larne
Pierce Award for Excellence - Best Overall Second Year Student.
 
Paul Barbour, MSc Agri-food Business Development, from Waringstown:
Moy Park Award for Excellence - Best Overall Student. 

Starting this week, anyone who buys one of 20 properties, which are a mix of houses and apartments, at either of the Carvill schemes will be entered into the draw. Richard Acheson of The Carvill Group, said: "Buyers have a one in 20 chance of winning."

And whoever bags the big prize will have few if any money worries with practically all costs covered. The once in a lifetime prize includes a mortgage allowance of £700 a month, car with generous insurance allowance, £200 a month of gourmet food vouchers, £2,500 a year to spend at a designer clothes outlet, £150 of fine dining vouchers a month for use at Belfast's top eateries, £3,500 a year for luxury holidays and £2,500 cash for anything else.

Mr Acheson explained: "The winner will be drawn out of the hat in October, and all we ask is that buyers complete their sale by August this year."

The Carvill Group has chosen 20 homes at both developments which will be eligible for this competition. The mix of houses and apartments range in price from £122,000-£142,000 at Annadale Embankment to £130,000-£160,000 at the Woodbrook development.

To view The Embankment click here

To view Woodbrook click here

Keith Mitchell, partner/director at Templeton Robinson, said the market is returning to normal after the boom and bust period. He said: "Properties priced under £300,000 are selling well with people returning to the marketplace. There is confidence out there now and there are buyers out there for houses priced realistically."

Mr Mitchell aslo claimed first-time buyers are responding to well-priced schemes such as Ballantine Garden Village in Lisburn.

Belfast-based estate agent Karl Bennett, of Bennett and Lisk, said first-time buyers are back, thanks to the return of Co-Ownership. "First-time buyers are taking advantage of Co-Ownership," he said.

"Many are getting help from their parents who draw on savings or equity to provide the 10-15% deposits required to facilitate a good mortgage deal. Other parents are acting as guarantors to ensure their children can get a mortgage for their first home."

The increased interest and level of business is reflected in the record traffic on Propertynews.com during 2009. March was a record month with 17.5 million property viewings.

Mr Bennett added buyers now seem to accept that house prices probably won't go much lower now. "Most buyers believe prices have hit rock bottom," he said.

The Council of Mortgage Lenders said last week that lending had risen by 16% during March and HM Revenue & Customs published figures showing that the number of houses changing hands soared by 40% during the month.

Econimists, however, have cautioned that while activity in the housing market may have bottomed out, any recovery is likely to be a long way off due to rising unemployment and continuing problems in the mortgage market. 

Propertynews.com is encouraging anyone who would like to donate and support Marie Curie, to log on to www.justgiving.com/propertynews today!

All donations would be greatly appreciated!

To win one of these prestigious trophies is not easy. It requires an agent to achieve a consistent high level of service to their clients over a 12 month period.

The Awards are open to all estate agent & letting agent offices in England, Scotland, Wales and Northern Ireland.

Pinkerton Murray and McClelland Salter were award winners in the Northern Ireland Letting Agent Category. This was in recognition of their outstanding service to their customers and expertise in their field.

Congratulations to the staff in both these agents for winning these prestigious awards!

Click here to view Pinkerton Murray Properties

Click here to view McClelland Salter Properties

This year the Garden Festival is delighted to host The Garden Roadshow whose garden experts will be pooling their knowledge to answer your gardening questions. In the Growers Pavilion specialist producers can advise on the best way to look after the fantastic range of plants and flowers on display and for sale. And the Garden Gourmet will entertain with ideas for dishing up the very best local produce.

Said Garden Guru and broadcaster, John Cushnie,' I have met so many people this year who are trying to re-cycle to save money, and are turning a corner of the garden into a vegetable patch, enjoying the excitement and taste of home grown food. It is interesting to see how that theme is reflected at this year's Garden Festival. New this year will be small 'Cameo Gardens' with ideas and inspiration for just a corner or a feature in the garden, like a special plant feature or a vegetable plot. In fact there's a great little organic vegetable allotment'.

Garden Show Ireland Advisory Group member, Maurice Parkinson of Ballyrobert Cottage Garden and Nursery said, 'There are a lot of people who are putting off selling their house just now, and they're holidaying at home. The garden is the ideal place to relax, have fun, entertain and have parties. The Garden Festival is a great way to get ideas on making the garden a wonderful space to live in. There's ideas on barbeques and conservatories, as well as all those toys for boys and machines to make the job easier!'

Speaking at the launch, Councillor Allan Ewart Chairman of Lisburn City Council's Economic Development Committee said,' Garden Show Ireland 2009 will bring significant economic benefits to Hillsborough and the City of Lisburn, with nearly 30,000 people visiting the show in glorious sunny weather last year.Traders and visitors are once again coming from all kinds of international markets to participate in the Garden Festival'.

The annual outing to Hillsborough's garden extravaganza has established itself on the social calendar. Cream teas, champagne and strawberries are the order of the day accompanied by the entertainment of the jazz band in the centre of the show. In keeping with the surroundings there'll be a new touch of glamour this year when the Cutting Edge Style Award is presented to the person who has taken their style inspiration from the garden.

And little green fingers will have lots of ways of having fun and learning about what happens in the environment around them. Children under 16 accompanied by an adult are free.

Tickets this year are available in advance at a number of outlets: book online at www.gardenshowireland.com or use the Tourist Information Centres in Hillsborough (tel 0044 (0) 28 9268 9717) and Lisburn (tel 0044 (0) 28 9266 0038) or the Belfast Welcome Centre (tel 0044 (0) 28 9024 6609).

For further information visit www.gardenshowireland.com

Exclusive to Propertynews.com - to be in with a chance of winning 2 tickets to the show click here

Art O'Hagan, proprietor and Managing Director of CPS tell us that "Property is once again realistically priced and affordable." He adds that "lenders are gaining confidence and are back in the market".

So this CPS auction presents an unmissable opportunity to pick up property on the way up.

There are properties ideal for investment and high potential returns; or sound bricks and mortar homes for a large nest egg; and for first time buyers, here is the long-awaited opportunity to get firmly on the property ladder.

CPS has 5 busy branches throughout Northern Ireland, so they have the finger on the pulse of all matters property throughout Belfast, Mid Ulster and the Border.

Details on the CPS Property Auction and any other property advice including finance packages can be found at their branches in Belfast, Armagh (028 3752 8888), Dungannon, Omagh and Monaghan.

This important property auction is increasingly becoming a key event in the property year and given the nature of current low prices in 2009, is likely to be a very popular event indeed.

CPS invites and encourages all interested parties to join them for the excitement of the CPS Property Auction, Armagh City Hotel 14th May 2009.

Click here to view CPS Belfast Properties

Click here to view CPS Armagh Properties

Click here to view CPS Dungannon Properties

Click here to view CPS Omagh Properties

A GUIDE TO ATTENDING AND BUYING AT AUCTION

by Michael Dickson of C T McAlpine & Son, Solicitors, Dungannon

For many people one of the main advantages of buying at Auction is that the house buying process is condensed into a matter of minutes rather than weeks or months and when the hammer falls, you own the property.    

Anyone intending to attend the Auction should contact the offices of CPS and obtain a copy of their Auction Catalogue.

If you are interested in any of the properties shown in the catalogue you should attend the property viewings which commence on Thursday 23rd April.     

When you are conducting your viewing of the property you will be able to check the description of the property in the catalogue is accurate and suitable for your purpose. Contained within the catalogue are conditions relating to the auction which should be read carefully when preparing for the auction.     

You should also get legal or professional advice from a solicitor and, in appropriate cases, a Chartered Surveyor if you are considering purchasing a property at auction. Your solicitor will be able to check the title to the property and consider the property and land searches which shall be provided by the seller's solicitor.   

If you are considering purchasing a property it is important that you make financial arrangements to ensure you have a 5 per cent deposit ready for payment on auction day, when the contracts are signed. The balance is payable on the date of completion. This may require you having to arrange a mortgage with a Bank or Building Society before committing yourself at auction.     

On the day of the auction you should take two forms of identification together with your cheque book or a Bank Draft. Once you arrive you will be registered with CPS in order to bid at the auction.  

It is advisable to ask on the day of the auction if there are any addendum sheets which contain details of late information or alternations due to the fact that some properties may be withdrawn or sold prior to the auction.

If the property that you were interested in fails to reach its reserve price you should consider speaking to CPS prior to leaving the auction as the seller may decide to accept your bid later therefore you should leave your details with the auctioneer.

If you are successful in acquiring a property at auction do not forget that the property becomes the buyers insurable risk as soon as the hammer falls. You should be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty.

This article is intended as a guide only in relation to attending at auction and if you are considering purchasing a property at auction you should always consult with auction professionals and solicitors prior to attending.

EPCs, which rates a home’s |energy efficient on a scale of A to G, became a legal requirement for all residential properties for sale or rent last year.

However, this announcement is the first clear sign from the DFP of enforcing the legislation and penalising those householders or landlords who don’t have an EPC.

Local estate agents have received a letter from the department spelling out its intention to impose penalties on those who don’t comply with the requirements.

A DFP spokesman said in the letter to estate agents: “We |intend undertaking follow-up visiting during the coming weeks.” He added the department was of the view “sufficient time has elapsed since the introduction of the regulations”.

The penalty for not producing an EPC is £200 for each breach of the regulations.

The construction work costing an estimated £90m will be phased over four years.

The group's intention to begin building 900 new houses will be seen by many as a bold initiative at a time when a significant number of new houses across Northern Ireland remain unsold because of the slump in the housing market.  Michael Hopkins, from McKibben Commercial, the agent for the developers, said confidence was creeping back into the Northern Ireland housing market.

He said that they were aiming at first and second-time buyers in the £125,000 to £350,000 price range, areas where they thought there was still a strong demand. "They (the developers) are very confident, they've put their money on the table and they are going to spend another £90m building these houses, that says everything - I think that sends out the right sign to the Northern Ireland economy,".

View new developments for sale at Propertynews.com New Homes 

Recent house price surveys have told us what we all know: 2008 has been a year when values reduced by around 30% on summer 07 values following the most explosive price growth in Northern Ireland's history.  No surprise there? But it's old news for most of us who want to know where the market is at now.

Much of the local housing market has now stabilised and, we could even say, is showing evidence of recovery.

Why do I say that?

Because the facts speak for themselves: 

FACT 1 The evidence - both from the 'real world' and anecdotal sources - is that houses are now 'officially' selling again thanks to a combination of price reductions, innovative purchase options offered by developers and a growing realisation that life must go on.

FACT 2 This year - in the first eight weeks alone - we have sold 165 new and re-sale homes across our five branches.  Compare this with January 2008 when we sold just two homes and you get a feel for how things are changing - not just for us but right across the market up and down the province.

FACT 3 Where vendors adjust their asking prices to reflect today's market values (which broadly reflect those of late 2005 or early 2006) there are buyers out there.

Just two weekends ago at an open day to promote a housing scheme at Ballantine Gardens on the outskirts of Lisburn seven homes were sold.  This isn't hype: it's fact.

FACT 4 Banks are beginning to lend again, albeit more prudently with larger deposits required in many circumstances and this has been made easier in the new homes' market thanks to the support and innovation of developers.

After three years where the market was driven by 'greed' (ie short term speculation) there is no doubt it is slowly returning to one characterized and shaped by 'need' which should be the norm.

While we freely acknowledge the downward trend in values we believe the recent University of Ulster report which pointed towards a modest uplift in sales in December 08 points towards the market having 'bottomed out' in the last quarter of that year.  Interestingly there have been situations recently where bidding situations have been seen once again.

Our analysis would suggest the market requires further price alignment amongst those who are either in denial or partial denial about the need to reduce prices by a minimum of 30% against those of summer 07.  However, when vendors make these reduction houses are now selling.

What we need now is to regain a sense of perspective. Property should always be seen as a medium to long-term investment. Indeed many financial advisors believe property is a better long-term investment than stocks and shares.

Whether or not that's the case the fact is that normal transaction levels will return to Northern Ireland sooner or later as we seek to upsize, downsize or re-locate depending on our own unique circumstances and - if the price is right - there's a buyer for everyone.

Keith Mitchell
Partner, Templeton Robinson
View Templeton Robinson Property Here

This promotion is to run for a limited period but should help those many owners and landlord who perhaps do not realise they are at risk if they fail to get an EPC. Homes that have been on the market for some time also need to have an EPC but as the life of the Certificate and associated Recommendation Report is up to 10 years, home owners need not be concerned that the documents will expire before they attract a purchaser or tenant!

The existing energy efficiency of the property is shown in the familiar 'rainbow graph' format and also the potential rating should various energy saving improvements be undertaken. The Department of Finance and Personnel have started an advertising campaign to remind purchasers and tenants of their right to see this information at the outset which must highlight the possibility of fines being enforced soon on those home owners and landlords who are not yet complaint!

EPCs can easily be ordered on-line at http://www.epcni.com/ or by telephone to Belfast (028) 90 328 020 - or simply click the link on Propertynews.com home page.

The Bank also revealed it would create a staggering £75billion in new cash to tackle the economic downturn.

Official borrowing costs have fallen for the sixth month in a row, but the Bank said it will start so-called quantitative easing measures.

It means newly-printed cash will effectively be pumped into the economy over the next three months to ease credit conditions.

Anxious banks are still reluctant to lend despite rates at all-time lows, so the Bank is resorting to increasing the money supply.

Bank of England Governor Mervyn King has asked Chancellor Alistair Darling for permission to create up to £150billion to pump into the economy.

There will be advisors at both offices on Thursday 12th March from Co-Ownership, Ulster Bank and independent financial advisors.

There will be a fantastic range of new and resale homes across Belfast and Northern Ireland. 

You can find out more about BTWCairns properties here.

Founder Jim McMillan says of the move, "We see our move as a real statement at this time, demonstrating our commitment to, and confidence in the Northern Ireland housing market and the future of McMillan."

Mr McMillan said since moving to the new office he has seen a real increase in enquiry levels: "People are realising that this is a great time to buy as vendors become more realistic about the price they can achieve for their property."

McMillan will also hold a Property Week from Monday, March 30 - Thursday, April 2 in a bid to tap into this growing positivity.

The week, which is aimed primarily at first time buyers but is open to all, will feature open question sessions with solicitors, mortgage advisors and representatives from Northern Ireland Co-Ownership in attendence.

UTV's Pamela Ballantine also came along to see the first properties in the striking new scheme.

More than 300 people kept a team of 22 experts working flat out for several hours, with four houses being sold on the spot.

Visitors were keen to find out about the highly successful Smart Move mortgage scheme and to take advantage of free advice from estate agents, mortgage lenders, interior designers, kitchen designers, bathroom, tile and fireplace suppliers.

Under Smart Move, WJ Law pays 25 per cent mortgage deposit for clients on any of their new homes. Buyers own their homes outright and the 25 per cent is repayable at market value if you sell the house or else within 10 years, whichever is first.

It's a scheme which has proved particularly popular with first time buyers and which has seen a marked lift in sales for WJ Law, with 32 homes booked since the start of the year, compared to one booking in January 2008.

Said David Law: "Being able to buy with virtually no deposit has been wonderful for buyers who were struggling to find a hefty deposit.

"On the back of Smartmove, we are seeing buyers getting interest rates of less than 4 per cent and hence interest payments of less than £350per month.

"We were overwhelmed by the interest in our Workshop and it is testament to how the problem of finding a huge deposit is keeping so many people from getting on the property ladder."

Also attending the event were The Mayor of Lisburn, Ronnie Crawford and other representatives from Lisburn Council, Sprucefield Retail Park, and other leisure providers in the local area.

To view properties covered by this new scheme visit WJ Law's New Developments

Arguably, the most telling statistics are that 1 in 2 properties are now selling at or less than £150,000 and only 1 in 10 at £250,000 or above

The region's journey back to affordable housing may not yet be complete but clearly we have now travelled a considerable distance. From its peak, average prices have now declined by over 30% and by considerably more in many new build cases

The key to a healthier market in 2009 and 2010, albeit against a recessionary backdrop, lies in a pick-up in completed sales.  Much now rests on the shoulders of first-time buyers (many of whom were crowded out of the market and now, thankfully, spared the position of negative equity).

However, with 16% of properties in the latest survey selling below £100,000, the scope for further significant reductions in the new build and starter home segment of the market seems very limited.

Many are now at the point where house buying is affordable and attractive again, in the new ultra low interest rate environment. Some sources would indicate an increase in enquiries since the turn of the year and it is to be hoped these translate into purchases for recording in future surveys. For some, the missing ingredient is confidence, especially where employment prospects are less secure.

In time, we will look back on the period 2006-07 as an extraordinary period in Northern Ireland's economic history. There was general acceptance that the rate of price inflation was unsustainable but an uncertainty as to the adjustment process and how painful it might be - we now have experience of our first real property cycle and lessons will be learned.

To read full report Bank of Ireland Housing Survey

It is understood the bank will make an extra £5 billion in loans this year with a further £9bn in 2010.

The move follows Chancellor Alistair Darling's decision last month to reverse the rapid wind down of the bank's loan book.

Ministers are increasingly anxious to see the flow of credit restored to home-buyers and businesses amid continuing reluctance by the banks to lend as they rebuild their balance sheets.

Northern Rock is well ahead of schedule on its repayment of the money it borrowed from the Government, with £9bn outstanding at the end of December compared to £27bn a year earlier.

Meanwhile, Gordon Brown last night issued a warning to banks in Britain and around the world that they must end risky speculation and resume their traditional role as “stewards” of people’s money.

The Prime Minister was among eight European leaders meeting in Berlin who agreed on proposals to overhaul the global financial system, bringing hedge funds and other elements of the “shadow banking system” under international supervision.

“We have got to show together that we can restructure the banking system around sound banking principles that deliver the integrity and the trust and the openness and transparency that is essential for people to once again trust the banks,” he told the closing news conference.

“We are are looking at how, working with all continents, we can ensure the best means by which the banking system can serve the public — stewards of people’s money rather than speculators with people’s money.”

Earlier, however, Mr Brown targeted his comments directly at Britain’s high street lenders, calling for a return to “traditional” banking practices and “prudent” lending.

Mr Brown and Chancellor Alistair Darling were returning to London last night to be briefed on talks which took place over the weekend between the Treasury and UK banks on the Government’s asset-protection scheme.

The plan, which is expected to be finalised this week, will see the taxpayer underwrite the so-called “toxic” assets held by the banks in an effort to get the flow of credit going again.

Mr Brown called on the banks to resume lending to first-time home-buyers on modest incomes who had not been able to build up large deposits.

At the same time, however, he said he had instructed the Financial Services Authority to curb the issuing of 100%-plus mortgages which plunged many borrowers into trouble when the housing market crashed.

“We do want to see the reinvention of the traditional savings and mortgage bank in Britain, for loans to be made on prudent and careful terms, not just to people with large deposits, but to those on middle and modest incomes who wish to buy their home but who have not been able to save a huge deposit,” the PM said. “We have got to get the balance right between serving home owners better and encouraging responsibility in the housing market.”

Shadow treasury chief secretary Philip Hammond said the Government was acting too late.

“Gordon Brown is trying to shut the stable door on irresponsible lending long after the horse has bolted,” he said.

Unfortunately the government are still locked in talks with participating lenders about the details of the scheme. Though they are hopeful of announcing full details by the end of April.

It is thought that the scheme may allow homeowners to defer mortgage interest for up to two years.  

First time buyers don’t need a deposit with the Momentum Mortgage as 5% of the house price is contributed by the developer. In addition, the home loan has up to 15% protection against house price volatility.

Now, with 28 developers on board, an additional 542 new build homes in 21 developments across the province will be made available through the scheme.

Derek Wilson, Ulster Bank head of mortgages, said: “There has been significant interest in Momentum and following the success of the first phase, we are making it more widely available, with plans to extend it even further during the course of 2009.”

He added: “Houses in the first time buyer sector are more realistically priced and interest rates are now at historic lows, so the environment for first time buyers has improved.”

Ulster Bank has committed £100m to lend to first time buyers through the Momentum mortgage in a bid to help hundreds of people into their own home.

Buyers who make a purchase with Momentum Mortgage will have their home independently revalued after five years.

If the value falls by up to 10%, the mortgage is also reduced by 10%.

If, however, the house price goes up by more than 5%, the home-owner has to pay that 5% deposit back.

But, if the property value does not increase by 5%, the developer forgoes the deposit.

One couple who have benefited from the deal are Alan and Rebecca Sherrard who bought a new build four-bedroom detached property in Craigavon last December.

Not having to save for a deposit clinched the deal, according to Mr Sherrard, who said: “It was too good an opportunity to miss.

“The peace of mind of knowing we have protection should house prices fall, along with the added advantage of the developer paying the deposit, meant that we have been able to buy our first home much earlier than we would have ever thought.”

Mr Sherrard added: “With the additional money saved from not paying a deposit, we have been able to purchase all the furniture we need for our new home.”

Below are a list of those developments currently listed on Propertynews.com, so have a look to find the home you've been looking for.

Linen Lane	Hagan Homes	Bangor
Mill Valley Park	Lagan Homes	Belfast
The Demesne	Micwall Developments	Downpatrick
Grange Meadows	Micwall Developments	Kilkeel
Old Fort	Hagan Homes	Londonderry
Riverbrook	Rea Developments	Moneymore
Linen Green	Sean Devine	Sion Mills, Strabane

"We are not alone in seeing a strong uplift across all of our branches. Many other agents are experiencing the same trends," he said.

Templeton Robinson say the fact their January sales have been almost equally split between new build and re-sale properties is evidence that re-sale homes in Northern Ireland will sell if vendors set realistic asking prices.

"It has been well documented recently how well certain new build schemes have been selling as a result of developers reducing asking prices quite dramatically to reflect the current market. In particular we have seen strong sales' levels in developments such as Ballantine Garden Village, Lisburn; Belsize Meadows, Lisburn; Stonebridge in Bangor and Wellington Square in South Belfast. However, what has added to the positive new year trend is the fact that re-sale vendors are now beginning to realise if their asking prices are around 30% less than the summer 07 peak there are buyers out there willing to purchase."

Mr Mitchell claimed a combination of interest rate cuts; innovative sales' techniques and price re-alignment had contributed to the sharp rise in January sales.

"Our advice to potential purchasers is to ensure the asking price for their desired property reflects the summer 07 figure less around 30%, but also to realise that vendors cannot be expected to reduce substantially further than that."
The leading estate agent also urged the public to discard ‘general' UK housing reports that had the potential to damage the ‘fragile' confidence now developing in the Northern Ireland market.

"It is really important to note that many of these reports are based on historical information, for example, the last quarter in 08 which is when the market was really on its knees. Yes it is a fact that the market had pretty much collapsed then - but things have now very clearly stabilised and are indeed in recovery."

He also criticised those who suggested there could be further property price reductions in the local market.

"The situation in England, Scotland and Wales has been very different to that in Northern Ireland. In England, Scotland and Wales values rose over a longer period of time and they will therefore naturally take longer to readjust. However, in Northern Ireland our prices exploded over a short period of time and have reduced just as quickly. In our view there is therefore no basis to suggest our values will become further depressed. The reason houses are beginning to sell is precisely due to the fact the public is realising the market has bottomed out.

"The re-sale market is slowly catching up with the new reality and every day online sites such as Property News provide proof of this with price reductions being emailed to agency databases. As far as we are concerned that is a good sign and a very necessary step in order for the market to get back to 'real' normality, in other words, pre the boom of 07."

WJ Law will have their own team of professionals on hand to talk visitors through their highly successful Smart Move mortgage scheme.

Under Smart Move, the company pays 25 per cent mortgage deposit for clients on any of their new homes. Buyers own their homes outright and the 25 per cent is repayable at market value if you sell the house or else within 10 years, whichever is first.

It's a scheme which has proved particularly popular with first time buyers and which has seen a marked lift in sales for WJ Law, with 25 homes having been booked since the start of the year, compared to one booking in January 2008.

Said David Law: "Being able to buy with virtually no deposit has been wonderful for buyers struggling to find a hefty deposit.

"On the back of Smartmove, we are seeing buyers getting interest rates
of less than 4 per cent and hence interest payments of less than £350per month."

Offering their expertise at the event will be estate agents, mortgage lenders, interior designers, kitchen designers, bathroom, tile and fireplace suppliers.

Said David Law: "We hope people will take advantage of this unique opportunity to have any questions they might have on moving house answered.

"We are also delighted that representatives from Lisburn Council, Sprucefield Retail Park, and other leisure providers in the local area will be in attendance to give people an insight into just how much Lisburn City has to offer.

"We firmly believe that there are many people who want to move but have been holding back for a number of reasons and our Workshop is aimed at giving them reassurance and sound advice on any aspect of moving home."

The Homebuyers Workshop is being held in WJ Law's sales office, an architecturally exciting John Nash inspired cottage in Ballantine Garden Village in Lisburn on Saturday, February 21 from 10am until 2pm. 

However, there are concerns that savers will be hurt by lower interest rates. Business groups argue that this rate reduction will not be enough to ease the economic crisis, and will not encourage banks to lend. The decision comes after official data showed the UK had entered a recession in December, after two successive quarters of economic contraction.

The Bank Rate has now been reduced from 5% in October last year.

In a statement, the Bank of England said that the rate cuts, along with government measures to boost the economy, "would provide a considerable stimulus to activity as the year progressed."

Mortgage cuts

Meanwhile, many lenders responded by cutting some of their mortgage rates. Halifax said it would pass on the rate cut to customers with standard variable rate mortgages. Other lenders to pass on the rate change to holders of such mortgages include Nationwide, Barclays, Lloyds TSB and Skipton Building Society.

Business worries

Some business groups said they were not sure further rate cuts would work. The Federation of Small Businesses (FSB) said that what was needed was improved access to capital.

It said that a survey of its members found that 63% wanted rates to remain at their current level, compared with only 24% who wanted a further cut. "These figures suggest that the recent interest rate cuts are not having the desired effect and other means of economic stimulus are required," said FSB national chairman John Wright.

However, the Bank of England argues that "although the transmission mechanism of monetary policy was impaired, the past cuts in Bank Rate would in due course nevertheless have a significant impact".

Balancing act

Others business groups welcomed the cut. The Institute of Directors' chief economist Graeme Leach said: "The interest rate transmission mechanism is clearly impaired but it is not yet kaput". 

The Ernst & Young Item Club supported the Bank's decision, but added that the economy was in "deep recession" and believed that interest rates should drop further - "possibly to zero".

Hetal Mehta, senior economic adviser to the Ernst & Young Item Club, highlighted the "difficult task" the Bank faced.

"However the Bank now has to act to avoid deflation without fear of a further weakening of sterling; a weaker currency should serve to add to the competitiveness of exports."

Responding to Thursday's cut, John Philpott, chief economist at the Chartered Institute of Personnel and Development said: "The Monetary Policy Committee is right to cut Bank Rates to 1%, even though some question the merit of doing so without greater effort to increase the availability of credit to hard-pressed businesses."

But he added: "With conditions in the job market deteriorating rapidly what's needed now to stem the rise in unemployment is early action to boost the supply of money to our cash-strapped economy."

Economic data

The rate cut comes against a backdrop of gloomy economic data.

The economy contracted by 0.6% between July and September, and by 1.5% from October to December, Office for National Statistics (ONS) figures showed.

And the ONS also said UK unemployment had risen to 1.92 million in the last quarter of 2008 - the highest level since 1997.

Figures from the Purchasing Managers' Index (PMI) released earlier this week showed manufacturing remained weak last month, despite a slight improvement on December.

However, the annual rate of change, measured by comparing the average for the latest three months against the same period a year earlier, shows year-on-year falls increased to 17.2% in January from 16.2% in December.

Martin Ellis, housing economist at Halifax, said: "It is always important not to place too much weight on any one month's figures. Historically, house prices have not moved in the same direction month after month even during a pronounced downturn. 

Estate agents have reported an upturn in interest from new buyers, spurred on by falling interest rates and more affordable homes.

Rental Levels
For the Belfast Metropolitan Area the overall average rent per month was £594 for the first six months of 2008. This represents an increase of (3.1%) compared to the average monthly rent during the first half of 2007. The performance of residential rental markets in the Belfast City Council area which constitute about 64% of the total rental transactions in BMA was similar with an average monthly rent of £599 equiva-lent to a marginal increase of 1.5% relative to the first half of 2007.

In the rest of the Belfast Metropolitan Area (Carrickfergus, Castlereagh, Lisburn, Newtownabbey and North Down) the average monthly rental for the first half of 2008 was £572, representing rental growth of 8.5%. This suggests a significant closure in the rental differences within BMA.

Download the full report

Not all businesses will suffer
• The global response to the financial crisis has been unprecedented & will help to stabilise the world
economies and sow the seeds of recovery
• Not all businesses and sub-sectors will suffer with food producers, pharmaceuticals and aerospace
expected to experience strong growth in 2009, while tourism could benefit from £ /€ exchange rate
• Inflation concerns have receded and UK base rates are set to go to 0.75% if not lower

Read the latest NI Quarterly Economic Review

When asked to comment on BBC's Radio 5 Live, Prime Minister Gordon Brown remarked-

"If the banks pass the interest rate reduction on, and I hope and believe that they should do so, then it's of benefit to homeowners and businesses right across the country,".

So far however, only a small number of mortgage providers have said that the rate cut will be passed on in full to standard variable rate mortgages.

Whilst HSBC, Bristol and West, and Lloyds TSB have taken the decision to pass on the rate reduction by the full one percent, the UK's biggest mortgage lender HBOS has announced they will be cutting rates by a quarter of a percent, whilst Nationwide- the UK's biggest building society, is reducing rates by 0.69 of a percent.  

Northern Ireland's 'Big four' banks, comprised of Ulster Bank, First Trust, Northern Bank and Bank of Ireland are said to be matching the bank of England's 1% interest cut. Ulster Bank has commented that its tracker customers will benefit from the cut but meetings are to be held to discuss other financial products.

Whilst the decision to reduce interest rates will be welcomed in Northern Ireland, Pricewaterhouse Coopers Philip McDonagh has commented that the economic outlook remains grim-

"We had hoped to see a cut of 1.5 percentage points, but today's 1 % cut still sends a positive message to beleaguered businesses and homeowners."

Apartments however represented 31% of the total transactions and prices rose by 10%, influenced by the new building activity in Belfast and despite developers discounting the price of new property.

The economist Alan Bridle, Head of Research at Bank of Ireland Northern Ireland, said: "Northern Ireland's journey to more affordable housing continues in terms of the ratio of house prices to earnings - a welcome development for many - but the price reductions to date have not been accompanied by an increase in market activity. 

The Housing Executive's Head of Research, Joe Frey, commented: "It is important to keep things in perspective.  The 'irrational exuberance' of the eighteen months before the summer of 2007 was a serious aberration in terms of the longer term development of a sustainable housing market.  The market is currently undergoing a significant correction.  We need to ensure scarce resources are focussed on providing a safety net by building enough new social dwellings and alleviating the pain of those directly affected by the downturn, through for example the proposed Mortgage Rescue Scheme".

Earlier this month the Bank of England slashed the policy base rate by 1.5 percentage points to 3% and a further reduction in base rate to 2% or less now seems likely. This will come as welcome relief to many existing mortgage borrowers already on the housing ladder although the critical issue of affordability for many potential new borrowers is one of securing the initial deposit.

The growth in the private rental sector, steep decline in First Time Buyer numbers over the last 3 years and the underprovision in the social sector all suggest significant "pent-up" demand for housing at affordable prices.

Read the latest Northern Ireland House Price Index for Q3 2008

Putting out feeders or a bird table for birds is an easy way to make a difference. If you haven't been feeding your garden birds throughout the year, now's the time to start again - it's a good idea through to give your feeders a good clean out before filling them up again to prevent disease. As well as the usual food such as seeds and peanuts, provide birds with bird cake as the high fat content will see them through the winter months. Also, remember that water is just as important to birds as food, so make sure that you supply regularly topped up clean bathing and drinking water to complement your feeding.

November onwards is the perfect time to start planting native trees, shrubs and hedgerows, either as bare rooted seedlings or saplings, to provide shelter and food for wildlife. Planting species which bear fruits or nuts is great way of providing a living winter larder, especially if you include a good variety which produce harvests at different times. Good native fruit producing species include rowan, holly, whitebeam and hawthorn, and if you have the space, including a nut-producing tree like oak, beech or hazel, will give the animals even more to keep them going.

Many of the species you find in your garden such as butterflies, ladybirds, frogs and hedgehogs hibernate to get through the colder months and are already looking for places to spend the winter. The most useful thing you can do is to leave some untidy corners for all your garden inhabitants. Piles of dry sticks, prunings, dry leaves and other debris will provide a wealth of hibernation sites. A pile of logs in a shady corner or under a hedge can be a winter refuge for frogs or newts, as well as many invertebrates. If you do feel the need to tidy up, do it soon, not in mid-winter when any disturbed creatures will find it very difficult to find a new home.

For more great ideas on how to make your garden attractive to local wildlife and to download a range of free information guides, visit www.ulsterwildlifetrust.org. Together we can make a real difference! 

EPCNI were asked to carry out the energy assessment for the property and provide an On Construction Energy Performance Certificate. "We are delighted to be part of this project" said EPCNI Managing Director Michael Rodgers, "It is such an exciting building which offers a real glimpse into the future of what can be achieved using new technology and construction methods. On the surface the results are spectacular but what is even more interesting is what is going on in the background to make this a smart, comfortable and energy efficient home," he added "We are thrilled to be associated with Northern Ireland's first 'A' rated, zero carbon home." 

After touring the building, Minister Ritchie said, "I have been most impressed by what I have seen. This building showcases to stunning effect the innovative, energy saving technologies now available. All involved are to be congratulated for bringing such a challenging project to fruition."

The minister took the opportunity to highlight a number of initiatives already developed by her own department to further increase the sustainability and energy efficiency of social housing.

She said: "The New Housing Agenda gives a high priority to the provision of more energy efficient housing. From April this year, a new higher Code for Sustainable Homes has applied to all new social housing, meaning that in effect homes built now are 25% more energy efficient than ever before.

"Earlier this month I launched a new Procurement Strategy for social housing which encourages improved quality in design and greater use of non traditional methods of construction. Sky Developments will shortly be applying some of the innovations used here, to a new social housing scheme in Newtownards that they are delivering in partnership with a local housing association."

In conclusion, the minister said: "At this time of rising energy costs, hitting hardest particularly on those with lower incomes, I am determined to deliver more energy efficient and sustainable housing."

Michael Kidd, Head of Business Banking at Bank of Ireland, sole funders of the project said: "During these very challenging economic and environmental times, it is a pleasure to celebrate the opening of The Green House. Bank of Ireland recognises a sound business idea when we are presented with one and the eco-friendly construction concept presented to us by Sky Developments seemed a natural move into a still relatively new market. As a leading business bank in Northern Ireland, we are the champions of the SME sector and use our expertise and knowledge to help support and grow businesses like Sky Developments."  

In the Belfast Metropolitan Area (BMA) as a whole:

• The number of properties available to rent (on the PropertyNews website) steadily increased throughout 2007 (by 45% between quarter 1 and quarter 4).
• This increase was reflected across all dwelling types, however apartments showed the highest increase (54% between quarter 1 and quarter 4, 2007).
• Terraced properties (including townhouses) accounted for 47 per cent of dwellings let in 2007.
• Three-quarters (75%) of all properties let during 2007 were two or three bedroom dwellings.
• The average monthly rent for all dwellings let during 2007 was £577.
• Between the first and final quarters of 2007, the average rent for properties let increased by 1.4 per cent from £558 to £566.
• The largest increase in average rent was for apartments (5.4%)
• Rents for terraced houses (inc. townhouses) increased on average by 1.9 percent.

Analysis of the data from the BMA submarkets reveals the following:

• The Belfast City rental market in 2007 was dominated by terraced/townhouses (53%).
• Although in Belfast City Centre 96 per cent of all properties let were apartments. The average rent for Belfast as a whole was £596 and for the City Centre, £670.
• In Carrickfergus apartments (39%) were the most prevalent property type in 2007. The average rental level was £482.
• In Castlereagh more than two-fifths (41%) of all properties let were semi-detached and the average rent for all properties was £565.
• In Lisburn the largest share of the privately rented properties let in 2007 comprised terraced/townhouses (38%). Overall the average rent in Lisburn was £531. This was the only part of BMA where rental levels fell between quarter 1 and quarter 4, 2007 (-3.2%).
• In North Down too terraced/townhouses formed the largest proportion (36%) of properties let during 2007. The average rent for properties let in North Down was £589.

Download the full report

However, some semblance of reason and rationalization has to be brought to the current situation.

Firstly, not all sectors of the market have dropped by the headline rate. Regrettably the first time buyer saw the greatest increases, due in no small measure to investor involvement, and therefore they suffer most in the downturn and this has distorted the overall view.

Secondly, if you have equity in your home (ie, your property is still worth more than you paid for it) and you wish to move home, for the many and continuing reasons which have stimulated the housing market over the years, the new home you buy will have lowered in price as well. It is the net difference that is the all important figure and if you are moving up market in price terms, you may have to borrow less than would have been the case last year and you may also pay less in relevant fees incurred, including stamp duty.

It may be some years before we return to the heady prices of 2007, but isn't that a good thing?

Remember, on average, we are still paying 3% less than the national average house price, to live in what is still one of the least crowded areas of the UK with a quality of life second to none.

One last point must be made; if you are presently looking for a new home, do not assume you can deduct 30% from the current asking price. Finding out when the property came to the market is important. Most reputable and professional estate agents have been aware of the current downturn for some time and have been valuing and advising current vendors accordingly. The statistics now creating headlines are in many ways old news and calculated from what has already occurred, as is the case with all results.

Let's all be sensible, accept the situation for what it is and if everyone does so, we can return to the normal prices of 2005, when, in my memory, we were all more than happy to acccept single figure growth.

My last word on the matter, as you would expect from an estate agent, is that few so-called economic experts predicted the dramatic upturn beginning in 2006, nor did they forecast the dramatic reversal starting in 2007. People still need to move house, be it for geographical, family, health reasons, etc. First time buyers still need to buy their independence. Don't leave it too long to make that move, things have a habit of changing very quickly; you may miss the boat as confidence returns.

John Todd of Templeton Robinson

The theory behind this most topical piece of EU legislation is to provide potential purchasers with additional information about the property they are considering and to give a guide as to the energy efficiency (or inefficiency) of the home they intend to view and possibly purchase.  The EPC and Report also provides valuable information on how improvements could be made to the property to make it more energy efficient and so minimise energy waste.  At a time when our energy costs are soaring, this must be a really important factor in the buying decision process.

At the present time, there is no liability on any owner to carry out the recommendations in the Report- they are purely advisory.  However, it is highly likely that a new owner might undertake to carry out some or all of the energy saving improvements in an effort to reduce the annual costs of the oil, gas and electricity consumed.

In their letter, the Dept have reiterated that the responsibility to provide an EPC and Report lies with the owner (and in due course the landlord) and that a failure to provide this information when a property goes on the market for sale will result in a fine of £200 for each breach of the legislation. For a home in a popular location or price bracket, this accumulated fine could be considerable.

The requirement to provide an EPC and Report applies to all homes currently on the market and all homes as they are now listed for sale.

The Dept have taken the step of writing to agents and owners to reinforce the requirements of the legislation and to undo the myth that an EPC and Report are only required once a purchaser has been found- this is not the case!

In summary: IF YOUR HOME IS ON THE MARKET OR GOING ON THE MARKET FOR SALE- YOU MUST HAVE AN EPC- IT'S THE LAW!

EPCNI were at the Show and unveiled N1 EPC for the first time in its corporate colours - complete with ‘rainbow graph' detailing. The colourful Smart Car attracted great interest as people came to ask questions about the new EPC legislation which is to be implemented here in a few weeks time on 30th June 2008. "Everyone loved the Smart Car and thought it was so cute - it was a great way of attracting people to come and talk to us about EPCs" said Natasha who was helping to promote EPCNI at the Show. "Everyone thought the idea of an EPC was a good thing and the ability to be able to order an assessment on-line also seemed to be well received"

Sophie Anstey who was also helping out commented, "We had a great reaction to EPCNI. We were asked all sorts of questions about how an assessment would be carried out, how long it would take, when the legislation would take effect and what sort of recommendations would be highlighted in the EPC. With the big increases in energy costs seen recently everyone seemed very keen to see how they could reduce their energy bills"

Last year the Show attracted 30,000 visitors and this year it seemed that that number would be broken - especially as the weather was so kind for all three days - "a good time to have solar energy!" remarked one visitor to the EPCNI stand.

Between January and March the University recorded 896 transactions from almost 120 estate agencies, compared with 2,120 in the same period the previous year, a drop of almost 60%.

Commenting on house prices, the survey's authors - Professor Alastair Adair, Professor Stanley McGreal and Mrs Louise Brown of the University of Ulster - said that while there was an inevitable market correction, price levels had not collapsed.

The average price of a house in Northern Ireland, at £230,908, was still 7.5% higher than a year previously but prices in the first quarter fell by 4.6% compared with the last quarter of 2007 demonstrating the continuing correction in the housing market.

The authors said: "However, the short term quarter figures suggest a weak market during the first three months of 2008 which, if it continues into the second and third quarters of the year, may well see annual rates of change move into negative figures.

"Potentially of greater concern is the small volume of sales activity. The trend of reduced sales has been evident since mid 2007 but in the first quarter of this year it reached a new low, falling to the smallest ever volume of transactions since the start of the survey in 1984."

The survey report said this was impacting on both existing and new build markets. Many estate agents had indicated few or no sales during the three months. This, it said, was consistent with other indicators of the housing market, notably the sharp decline in the number of new mortgages.

According to the University's research, price falls largely applied to properties worth less than £250,000. Higher priced properties faired better and appeared to be less exposed to the current market downturn.

The economist Alan Bridle, Head of Research at Bank of Ireland Northern Ireland, said:"With two consecutive quarters of negative growth, the local housing market is technically in recession for the first time since the early 1990s. The overwhelming theme of this survey is the lack of sales and the repercussions for the house building industry but, on an overall basis, the decline in average prices in the quarter has been relatively modest, contrary to some speculation.

"Price trends are not uniform across the region or property types, with significant discounting in some areas partially offset by increases and stickiness in others. As an observation we may have something of a stalemate, with vendors looking to sell at 2007 prices and potential buyers deferring purchase in anticipation of lower prices and easier access to credit later in 2008 or 2009. It is not certain how this will play out over the coming quarters but the risks to prices remain on the downside."

The Housing Executive's Head of Research, Joe Frey, commented: "Although the fall in house prices at the lower end of the market will be welcomed by first-time buyers, it does not necessarily mean homes are becoming more affordable, with some banks and building societies - understandably in the current financial climate - taking a much more risk-averse approach to lending. It is important therefore not to take our eye off the ball, in terms of putting the policies and practices in place which will facilitate the delivery of affordable homes in the longer term."

Property Types 

Short term performance - the first quarter of this year compared with the final quarter of last year - showed falls in house prices in all sectors with the exception of detached houses which showed an increase in the average sale price of 4.4%. The average price for terraced/townhouses was down 8.8%, semi-detached houses by 6.5%, semi-detached bungalows by 12.3% , detached bungalows by 7.3% and apartments by 2.5%.

Annual performance - comparing the current average prices with the same time last year - meant that some property types continued to show an increase. Average prices for apartments at £213,327 were 16.2% higher over the year, boosted by a number of high-profile schemes in Belfast.
The detached house market was also showing annual increases. The average for detached bungalows at £310,787 was 15.3% higher and detached houses at £354,527 were 9.8% higher than a year previously. In contrast, the average price of terraced/townhouses at £170,912 was down by 3.6% over the year; semi-detached houses at £210,908 down by 1.2%; and semi-detached bungalows at £185,672 were down 6.9%.

Location   

Regional analysis showed a sharply variable picture, with average prices up in some areas and down over the year in others.

Belfast performed significantly better than the rest of Northern Ireland. The average price of a house was £254,011 which was 22.4% higher than a year previously but on a quarterly basis the average price for all property types fell, with the exception of detached houses. South Belfast is still the highest priced location, followed by the east, north and west of the city.

North Down's average of £250,678 was up 10.7% over the year and 3.1% over the quarter, the latter boosted by the apartment sector.
The average of £257,190 in Lisburn was down by 0.7% over the year and by 9.8% on the previous quarter.
In East Antrim the average of £211,662 was 12.6% higher than a year previously but down 2.4% on the last quarter of 2007.

The average in the Antrim/Ballymena area was £188,147, a fall of 9.9% over the year and down by 10% on the previous quarter.

In Coleraine/Limavady/North Coast, the average price of £264,055 represented a small annual increase of 3.1% but it was down 5.7% on the previous quarter.
In Derry/Strabane, the average of £218,979 was still 21.1% higher than a year before and showed a 4.6% rise over the quarter but the volume of house sales continued to be very low.

Mid-Ulster had an average of £200,942 which was down by 7.9% over the quarter and by 17.7% over the year - a response to the unsustainably high rates of growth seen early in 2007.

In Enniskillen/Fermanagh/South Tyrone the average of £228,917 was up 7.2% over a year and by 8.6% over the quarter but the sample was small reflecting the continuing low levels of transactions.

The average in Craigavon/Armagh of £172,644 showed a sharp correction falling by 24.2% over the quarter and by 22.4% annually.

In Mid and South Down, the average price of £259,570 was 18.2% higher than a year previously and was up by 1.3% on the quarter mainly because detached properties continued to perform strongly.

Notes to Editors

House Price Index

The long-term house price index, calculated relative to the base quarter for the survey in 1984, now stands at 865.98, marking a consolidation following the sharp fall in the index in the previous survey.

TABLES

Performance by Property Type

Market sector	Annual change	Average Price
Terraced house	-3.6%	£170,912
Semi-detached house	-1.2%	£210,908
Detached house	9.8% >	£354,527
Semi-detached bungalow	-6.9%	£185,672
Detached bungalow	15.3%	£310,787
Apartment	16.2%	£213,327

Average house price by region

Media contacts: 

For University of Ulster: David Young, Press Office, University of Ulster 02890365131

For Bank of Ireland: Alan Watson or Catherine Agnew at SMARTS 028 9039 5500 or Julie Sherlock, Bank of Ireland +44 (0)28 90433520

Sandra Grandison, Bank of Ireland +44 (0)207 634 3477

For NIHE: Imelda McGrath or Jim Murray 028 9031 8700

"Year on year we estimate someone moving from a house which would have been worth around £515,000 this time last year to one that was worth £700,000 could save almost £37,000 excluding statutory costs. In real terms this, alongside the fact there is an unprecedented level of choice makes now an excellent time to move up the ladder," Keith Mitchell said today.

Mr Mitchell said figures produced by Propertynews.com revealed around 27,000 homes currently on the market across Northern Ireland, as against a market norm of approximately 17,000. "These are quite startling statistics, effectively meaning the average estate agent is currently carrying around 35% more stock than usual.

"There is no doubt these are challenging days for many estate agents. However, from a buyer's perspective, that can be good news as there is much more choice out there than has been the case for some time and, as a result of the wide choices for buyers, vendors are more likely to be willing to negotiate on price. A year ago we were in the middle of arguably the greatest housing frenzy ever experienced in Northern Ireland, with values going up by the day and properties being sold sometimes the same day. We've got to realise that growth will never be repeated and, going forward, the market will be driven by people buying and selling out of want and need rather than short term profit."

According to Keith Mitchell interest in viewing properties has heightened considerably since April - a trend borne out by Propertynews,com who have witnessed a marked increase in online viewing from the same period.

"In normal circumstances we see a noticeable uplift in enquiries and online activity in January as people begin to think about big decisions like moving home and that results in increased transaction levels in April. One school of thought with what we are seeing at the moment is that the initial increase in interest which we have seen in April could result in more dynamic transaction levels in either June or September, although, as we have never before experienced these market conditions, it really is impossible to predict any timelines. There is, however, an inevitability about sales' levels improving as there will always be those in the market who need to move because of changing family circumstances, new jobs or a whole range of other ‘everyday' necessities.
"We hope the banks will soon pass on interest rate adjustments to restore confidence and ability to buy as there is no shortage of people wanting to move along the housing ladder evidenced by the current 27,000 listings for sale in Northern Ireland."

Templeton Robinson has five branches throughout Belfast and North Down. For more information on their wide variety of homes available for purchase please log on to www.templetonrobinson.co.uk