Housing Market Survey

The Minister, who has responsibility for housing, said: “While uncertainty clearly remains in the housing market in Northern Ireland and throughout the UK, it is encouraging to note that local surveyors are reporting a return to affordability and greater numbers of transactions. A recent Council for Mortgage Lenders report shows that first time buyers make up 60% of the market here, compared to only 42 per cent in the UK as a whole.

“Through the Programme for Government the Northern Ireland Executive has given a commitment to the provision of affordable homes. We do this mainly through part funding the Co-Ownership Housing Association and last year 643 buyers were supported into home ownership through the Co-ownership scheme. In recognition of the demand for support through Co-Ownership the Executive has increased the level of funding to £25million up to 2014/15. Indications are that demand for Co-Ownership will continue at strong levels as buyers recognise the good value available in the housing market.”