Limavady District Housing Plan 2011/12 - Northern Ireland Housing ...

2.3 Housing Market Profile
Information for the 2009 House Condition Survey was collected on the basis of the
proposed new council boundaries under the Review of Public Administration,
combining Limavady with Coleraine, Ballymoney and Moyle districts. This change
of boundary means that figures cannot be compared with previous surveys.
The housing stock in the Causeway Coast Area is approximately 60,110 units. There
has been a change in the tenure share over recent years with the private rented
sector representing approximately 22% of total stock which is higher than the
Northern Ireland figure of 17%. Conversely the social housing sector at 13.6% is less
than the Northern Ireland average (15%). The percentage of vacant stock in the
area is 2.4%, which is less than half the Northern Ireland figure of 5.9%.
Housing conditions have continued to improve in Northern Ireland and the latest
unfitness figure (2009) for Causeway Coast is lower than the regional average.
Within the private sector, the drop in construction of new dwellings is
demonstrated with 234 in 2006 compared to 105 in 2009. There has been a small
increase during 2010 with 155 starts recorded. Local estate agents report that new
development is limited in the district and that the residential market remains slow
to depressed.
Estate agents report a falling volume of sales of around 10% for new and used
properties compared to last year. At March 2011 there were approximately 600
homes advertised for sale in Limavady District and 110 – 140 additional properties
were advertised for rent.
The sale of former MoD housing at Ballykelly over recent years has added to the
private housing stock in the district and provides opportunities for affordable
homes. Many of these homes have been bought for the rental market as well as
owner occupation. At May 2011 there were 49 units advertised for sale and 13
units advertised for rent from a total ex-MOD housing stock in Ballykelly of 512.
The majority of housing purchases in the district continue to take place at the
lower end of the market with semi-detached houses tending to be the most
popular. Limavady town is the most requested location according to local estate
agents.
Owner occupation continues to be the most popular tenure in the district.
However there are strong indications that although the number of owner
occupied dwellings may grow over the coming years, its tenure share of the
overall housing market will not increase. Ongoing economic uncertainty and
restricted lending practices will continue to limit construction and transactions,
particularly for first time buyers.
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