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05/05/2009
Housing Downturn Continues, Says Expert
High hopes that the housing slump in Northern Ireland was coming to an end have been dashed this week.
A property expert has dismissed claims by economists that the housing market downturn is over.
On foot of news that the Centre for Economics and Business Research had identified "improved conditions" in the housing market - suggesting that property prices only had about a further 8% to fall - Tom McClelland, Northern Ireland Residential Housing Spokesman for the Royal Institution of Chartered Surveyors, said that while property prices have stabilised, continued economic uncertainties could affect house sales.
Speaking to the Belfast Telegraph, he said a weak pound may mean the Government will hike up interest rates later this year.
"It is good that prices have stabilised to realistic levels to bring back the first-time buyers," said Mr McClelland. "But it is also important that the volume of house sales increases."
"Where builders and developers are dropping prices they are getting sales, especially among first-time buyers. The resale market is also correcting itself," he said.
Mr McClelland claimed, however, that there may be a number of properties repossessed particularly among those with buy to let mortgages where a lender forecloses faster than a traditional bank or building society.
Meanwhile, industry sources have also claimed that unless public spending rises by 20%, the Government may have to implement a policy of widespread taxation which will affect the housing market.
(BMcC/JM)
A property expert has dismissed claims by economists that the housing market downturn is over.
On foot of news that the Centre for Economics and Business Research had identified "improved conditions" in the housing market - suggesting that property prices only had about a further 8% to fall - Tom McClelland, Northern Ireland Residential Housing Spokesman for the Royal Institution of Chartered Surveyors, said that while property prices have stabilised, continued economic uncertainties could affect house sales.
Speaking to the Belfast Telegraph, he said a weak pound may mean the Government will hike up interest rates later this year.
"It is good that prices have stabilised to realistic levels to bring back the first-time buyers," said Mr McClelland. "But it is also important that the volume of house sales increases."
"Where builders and developers are dropping prices they are getting sales, especially among first-time buyers. The resale market is also correcting itself," he said.
Mr McClelland claimed, however, that there may be a number of properties repossessed particularly among those with buy to let mortgages where a lender forecloses faster than a traditional bank or building society.
Meanwhile, industry sources have also claimed that unless public spending rises by 20%, the Government may have to implement a policy of widespread taxation which will affect the housing market.
(BMcC/JM)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
