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09/11/2010
Builders To Lose Out As House Prices Drop
Northern Ireland's construction sector is facing further problems as NI house prices continue to fall over the next three months.
They are expected to drop to their lowest levels since the Royal Institution of Chartered Surveyors (RICS) started an authorative survey four years ago.
The new RICS survey said expectations for transactions over the next three months are at their lowest levels since the survey began in May 2006.
Tom McClelland of the RICS said: "The winter months are traditionally the quietest time of year for the housing market, so it isn't surprising that expectations are lower.
"There was also a significant amount of uncertainty in the lead up to the Comprehensive Spending Review, and now there are a lot of people worrying about job security and about the impact the cuts will have on their lives.
"This inevitably feeds through into the housing market, and will be a challenge for some time to come," he said.
Strangford DUP MLA and Social Development Committee Chair Simon Hamilton has expressed his concern that house prices in Northern Ireland are likely to fall and also stated his worries this will further damage the building sector.
The DUP's construction spokesman said: "Our housing market has been in very bad shape now for many months and this news from the RICS is deeply depressing.
"Northern Ireland's hard pressed construction sector can take little comfort from their findings that house sales are anticipated to fall over the next three months to their lowest levels since the RICS started this survey four years ago.
"Already facing 40% cuts in the capital budget courtesy of the Coalition, the construction sector may be in for more difficulties as it is hard to see from the RICS's conclusions how the private house building market is to be stimulated any time soon.
"Undoubtedly, ever decreasing house values will exacerbate the lack of consumer confidence that there is as more families face the prospect of negative equity. Housing costs are such a huge part of every household's budget that news like this will inevitable lead to even more cautious behaviour by consumers," he concluded.
(BMcC/KMcA)
They are expected to drop to their lowest levels since the Royal Institution of Chartered Surveyors (RICS) started an authorative survey four years ago.
The new RICS survey said expectations for transactions over the next three months are at their lowest levels since the survey began in May 2006.
Tom McClelland of the RICS said: "The winter months are traditionally the quietest time of year for the housing market, so it isn't surprising that expectations are lower.
"There was also a significant amount of uncertainty in the lead up to the Comprehensive Spending Review, and now there are a lot of people worrying about job security and about the impact the cuts will have on their lives.
"This inevitably feeds through into the housing market, and will be a challenge for some time to come," he said.
Strangford DUP MLA and Social Development Committee Chair Simon Hamilton has expressed his concern that house prices in Northern Ireland are likely to fall and also stated his worries this will further damage the building sector.
The DUP's construction spokesman said: "Our housing market has been in very bad shape now for many months and this news from the RICS is deeply depressing.
"Northern Ireland's hard pressed construction sector can take little comfort from their findings that house sales are anticipated to fall over the next three months to their lowest levels since the RICS started this survey four years ago.
"Already facing 40% cuts in the capital budget courtesy of the Coalition, the construction sector may be in for more difficulties as it is hard to see from the RICS's conclusions how the private house building market is to be stimulated any time soon.
"Undoubtedly, ever decreasing house values will exacerbate the lack of consumer confidence that there is as more families face the prospect of negative equity. Housing costs are such a huge part of every household's budget that news like this will inevitable lead to even more cautious behaviour by consumers," he concluded.
(BMcC/KMcA)
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