Property developers have reported an increased confidence in the Northern
Ireland housing market despite the pessimistic headlines. Following a series
of depressing reports, the Royal Institution of Chartered Surveyors (RICS)
has recently said that their members in Northern Ireland expected
transaction volumes to go up between February and May 2011.
February's survey for RICS reported a price balance of -46 (the percentage
of chartered surveyors who say prices rose in the past three months minus
those who say they fell).
And a recent University of Ulster study showed that the price of
Northern Ireland Property fell by 7.7% in 2010, with the average price of a
Property
in Northern Ireland falling to under £150,000 for the first time in five
years. But some are claiming that well placed and priced developments can
retain strong levels of sales.
The Northern Ireland Housing Market: Review and Perspectives", is a key
strategic planning document published by the Northern Ireland Housing
Executive which highlights the main developments in Northern Ireland's
housing market and on this basis identifies the key issues to be addressed.
It is the fifteenth consecutive year that this document has been published
and once again it provides a substantial evidence base to guide their
intervention in the housing market. Their overall population prediction is
that Northern Ireland's overall population is set to increase to 1,896,000
by 2018. International migration which played such an important role in
Northern Ireland's demography and housing market between 2004 and 2008
(between 2007 and 2008 net migration was +5,700) is expected to fall sharply
and by 2011, net migration is estimated to be only +1,000 a year.
They have also considered the affect of the recession on the Construction
Industry. In parallel with the rest of the UK and the Republic of Ireland,
Northern Ireland has experienced a much lower level of construction of new
private dwellings. In 2007/08 some 10,700 new private sector
Properties in
Northern Ireland were started, a 24 per cent reduction on the previous
financial year. In 2008/09 only 5,500 were started. The year 2009/10 saw
a small increase in the rate of starts to approximately 6,800, but this
still represents less than half the number (14,000) started during the boom
year of 2006/07. Given the perspective for the Northern Ireland economy,
this rate is unlikely to increase significantly in the next two years.
House Sales Northern Ireland are established
Estate Agents in Northern
Ireland and can help you find the perfect property to suit your needs and
your budget. If you have any queries or are interested in any of the
properties featured on our website, please feel free to get in touch.
