You are here: Home - News -

Collaboration needed in Northern Ireland housing market – CML

by:
  • 08/05/2015
  • 0
Collaboration needed in Northern Ireland housing market – CML
Northern Irish housing and mortgage markets would benefit from closer co-operation between lenders and firms which provide arrears, attendees at the CML conference in Belfast were told.

The call for better collaboration came from Jay Colville, area director Northern Ireland for Nationwide, and Ursula Toner, legal advice and support service manager at Housing Rights Service.

The number of cases of possession in Northern Ireland have declined but consumer groups believe that earlier engagement with borrowers in difficulty could deliver further improvements.

The housing executive’s review 2014/2015, reported that the number of writs and summonses related to mortgages rose sharply between 2007/08 and 2008/09 to 3,894 and then remained fairly static at 3,500 for the next three years.

These rose again in 2012/13 to 3,854, and while only a small proportion of actions for possession turned into actual possession orders, the numbers are an indication of the affordability strains placed on borrowers.

Negative equity is still one of the biggest problems facing Northern Ireland’s homeowners. The conference heard calls from speakers for a government focus on finding solutions for borrowers in negative equity, a circumstance preventing them from managing career and life changes because they are unable to sell their properties.

House prices in Northern Ireland, however, have started to rise and outperform Scotland, England and Wales.

Research from the Office of National Statistics in April revealed that Northern Ireland saw a 14.2% rise in values while prices in England rose 7.4%. The price of Scottish homes rose by 6.4%, while those in Wales achieved a slight price increase of 1.1%.

But the housing executive review reported that average house prices in Northern Ireland remained almost 50% lower than their peak in 2007.

Construction at the end of last year was still more than 40% below its peak in Northern Ireland.

The conference discussed the need for more house building in Northern Ireland.

Many construction firms based in Northern Ireland earn much of their revenue elsewhere and there continued to be a skills shortage, it was said.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Housing minister Brandon Lewis
Election roundup: Housing minister keeps hold of seat

Housing minister Brandon Lewis MP has retained his seat in Great Yarmouth by a majority of 43%, outstripping the Labour...

Close