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

In 2006, the average house price in Limavady District was 13.6% less than the
Northern Ireland average but by 2010 the difference had narrowed to 5.2%.
LIMAVADY
During 2010 there were just 14 new build property sales in the district, but because
of the small sample size no average price was recorded. The brief recovery in the
property market that had begun during 2009 has not been sustained and market
adjustment is still on-going. Limited access to mortgages, an increase in potential
vendors and a loss of confidence brought on by budgetary cuts has resulted in
further market uncertainty and increasing affordability pressure. The increase in
the private rented tenure is an indication that the owner occupied sector
continues to prove inaccessible to many potential buyers.
Northern Ireland Co-ownership Housing Association assists those on low income to
access the owner occupied sector. A total of 381 properties have been
purchased through the scheme in Limavady District, eight of those in the past
financial year.
Another route to low cost owner occupation has been the purchase of social
housing from the Northern Ireland Housing Executive or housing associations by
existing tenants. The number of Housing Executive transactions has dropped
considerably in this sector since 2007. In 2010, three houses were sold to tenants
under the House Sales scheme.
The private rented sector has grown significantly in Northern Ireland since 2001.
Local estate agents confirmed that this tenure is buoyant within the district. Private
sector Housing Benefit claims continue to increase. Since 2007 the increase
reflects both the economic climate in Limavady and a rise in the number of
households choosing to live in the private rented sector. Private rental has
become a popular choice for an increasing number of younger households who
face affordability pressures. It is also popular among migrant workers and an
increasing number of single person households.
All of this has created a steady demand for rental properties in the district, and
some estate agents have reported a shortage in a number of locations to meet
demand.
Houses in Multiple Occupation continue to play an important role in meeting the
housing needs of people who are single, who have temporary employment,
students, low income households and more recently migrant workers. The Housing
Executive uses a combination of methods – inspection, grant aid and enforcement
orders – to raise standards in HMOs. There are 21 registered HMOs in the district,
the majority of these are situated in Limavady town.
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