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03/04/2008
Housing Boom Bust
The boom years are at an end for the Province's housing market.
An expert now says that Northern Ireland is likely to see falling prices for up to three years.
The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
Mr Smyth said: "My own gut feeling is that we will see overall falls of five, six, seven per cent each year for two or three years, which would be pretty bad."
The senior lecturer warned that last year's unprecedented boom was driven by investors and had nothing to do with the fundamentals of the housing market.
At the same time, it has emerged the number of UK mortgage approvals has fallen to their lowest level since the 1990s - and the number of mortgage products on offer from lenders has also fallen by 40% in a month.
One lender, the Co-operative Bank has even announced it was withdrawing its two-year mortgage range on a temporary basis – the day after another company, First Direct, announced it was withdrawing its entire mortgage range from new customers.
(BMcC)
An expert now says that Northern Ireland is likely to see falling prices for up to three years.
The leading economist, University of Ulster academic Mike Smyth spoke out amid fresh evidence of the credit crisis, with UK mortgage approvals plunging.
Mr Smyth said: "My own gut feeling is that we will see overall falls of five, six, seven per cent each year for two or three years, which would be pretty bad."
The senior lecturer warned that last year's unprecedented boom was driven by investors and had nothing to do with the fundamentals of the housing market.
At the same time, it has emerged the number of UK mortgage approvals has fallen to their lowest level since the 1990s - and the number of mortgage products on offer from lenders has also fallen by 40% in a month.
One lender, the Co-operative Bank has even announced it was withdrawing its two-year mortgage range on a temporary basis – the day after another company, First Direct, announced it was withdrawing its entire mortgage range from new customers.
(BMcC)
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While the price of a house in Northern Ireland will have dropped by a total of £75,000 by the end of this year, taking the average price of a house here to £175,000, that is in line with the current UK-wide figure - now said to be £178,555.
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Crumlin Social Housing Scheme Opened
A new social housing scheme of three and four bedroom houses has been officially opened in Crumlin. The fourteen new homes for families on the social housing waiting list, is owned and managed by Habinteg Housing Association who funded the build, with support from the Department for Social Development.
Crumlin Social Housing Scheme Opened
A new social housing scheme of three and four bedroom houses has been officially opened in Crumlin. The fourteen new homes for families on the social housing waiting list, is owned and managed by Habinteg Housing Association who funded the build, with support from the Department for Social Development.
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Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
