Northern Ireland housing market recovery is ‘fragile’: CIH
Commenting on the latest Northern Ireland Housing Bulletin released today, Justin Cartwright, CIH Northern Ireland policy and public affairs manager said “Today’s statistics show two very different sides to our housing market – on one hand there has been a welcome increase in the number of new homes started, which are up by 16 per cent on the same quarter last year.
“On the other hand residential property sales have slowed down. While the level of sales is much higher than eight years ago following the housing market crash, buyer demand has stagnated since the quarter of the EU referendum and house prices are now also fairly flat.”
“The ongoing recovery in housebuilding is being met by slowing momentum in the housing market,” Mr Cartwright said.
He added: “The growth in the number of new homes is being driven by the private sector which started 1,700 homes – up 21 per cent on the previous year’s quarter. The social housebuilding sector is also making a vital contribution – it exceeded the government target of 1,600 starts over the year to March 2017.
“However in reality we need more than 2,000 new social homes every year to address high levels of people in urgent housing need. Today’s figures also show an 18 per cent increase in the number of homeless households – it’s essential that we have the right housing options to meet their needs.”
For more information please contact Justin Cartwright, CIH policy and public affairs manager on 028 9077 8222, 07824 304 351 or email@example.com
Notes to editors:1. The Chartered Institute of Housing (CIH) is the independent voice for housing and the home of professional standards. Our goal is simple – to provide housing professionals with the advice, support and knowledge they need to be brilliant. CIH is a registered charity and not-for-profit organisation. This means that the money we make is put back into the organisation and funds the activities we carry out to support the housing sector. We have a diverse and growing membership of more than 22,000 people who work in both the public and private sectors, in 20 countries on five continents across the world.