Ards District Housing Plan 2013 - Northern Ireland Housing Executive

• Upward movement is still slow and price adjustment is ongoing at the higher end
of the market;
• Sales in rural areas are low;
• Newtownards town is the most sought after location in the borough.
Local estate agents predict the following:
• House prices will remain static;
• The volume of sales will not increase dramatically due to the continuation of strict
lending practices.
The extended period of near-zero policy
interest rates appears to be having little
effect in stimulating a housing market
recovery. Current prices demonstrate a
low price structure for housing in Northern
Ireland, suggesting that considerable
value exists. Despite this, housing market
performance across the UK over the next
five years will be framed against a
backdrop of significant change in the
finance market following the Mortgage
Market Review. The new regulatory
regime will introduce more stringent
affordability checks for potential
borrowers, including interest-only borrowers. Whilst such changes are intended to
de-risk the housing market, it remains to be seen what the broader impact will be on
the volume of transactions in Northern Ireland.
Northern Ireland Co-ownership Housing Association assists those on a low income to
access the owner occupied sector. In Ards Borough, 49 properties were purchased
through the scheme during 2012/13.
The purchase of social housing is another
route to low cost owner occupation open
to Housing Executive and housing
association tenants. In recent years, the
volume of sales has dropped considerably.
During 2012/13 only 289 Housing Executive
properties sold in Northern Ireland,
including eight located in Newtownards
District (see Table 3).
The private rented sector has grown significantly in Northern Ireland since 2001. This
tenure is flexible and responsive to new and emerging markets. It can offer tenants
freedom from the responsibilities of furnishing, repairing and maintaining property.
20