05/11/2002

House building on the increase in Northern Ireland

House-building activity in Northern Ireland has increased by ten per cent during the third quarter of 2002, according to the latest figures from the National House-Building Council (NHBC).

NHBC figures for the province have revealed that a total of 2,397 applications were made to start new homes during the three-month period, an increase of 10% on the same time in 2001.

The average anticipated selling price of new homes (that are registered with NHBC) rose by 4% to £203,000, while the proportion of homes sold for over £100,000 was 42%, representing a significant increase on the 31% that were sold during the same period last year.

However, the NHBC first time buyers' ability to buy index decreased by six points during the quarter, and now rests at 105. The index is based on a formula which takes into account the average cost of homes bought by first time buyers, average income and mortgage interest rates (from the Nationwide Building Society) – the higher the index, the greater the ability to buy.

NHBC statistics are based on information relating to its 18,000 registered house buildings, who construct around 85% of the new homes built in the UK.

(CL)

Related Northern Ireland News Stories
Click here for the latest headlines.

13 January 2022
Education Minister Urged To Introduce New School Starting Age Legislation
The Education Minister has been urged to introduce new legislation on school starting age, following a consultation that showed 90% of respondents supported the move. A consultation was held on proposal to allow parents to defer their children starting school.
12 January 2022
150 New Jobs To Be Created With Construction Of New Ballymena College
More than 150 new construction jobs are to be created during the construction of the new £45 million campus for Northern Regional College in Ballymena. Draperstown-based Heron Bros have been appointed to the scheme at Farm Lodge.
21 December 2021
New Energy Group Established
Economy Minister Gordon Lyons is encouraging people to apply for new posts that have been created in his Department's Energy Group. The Department for the Economy is seeking individuals with experience in the energy sector to take forward the important and exciting work on energy decarbonisation.
05 January 2022
New Cybersecurity Course Announced For NI's Farming Businesses
A new Key Skills Cybersecurity course for farming families in NI has been announced. Increasing use of the internet leads to increased opportunities and effort by criminals to access and steal your assets and farm businesses are not immune from fraud and cyber-attacks.
20 December 2021
New Research Projects Published On Transport Changes For Climate Action
Infrastructure Minister Nichola Mallon has announced the publication of four research projects exploring transport changes needed to help tackle the climate emergency.