Twitter Facebook RSS FEEDS

CML: Affordability key concern in Northern Ireland

Friday, 6 June 2008 12:00 AM

Affordability remains the biggest concern in the Northern Ireland property market, according to the Council of Mortgage Lenders (CML).

Data from the Department for Communities and Local Government show the average house price in Northern Ireland is presently £217,413.

This is slightly above the UK average of £217,344, but well ahead of the £88,062 recorded as recently as February 2002.

In June 2007, annual house price inflation in the region stood at an incredible 55.9 per cent. Yet this boom has now passed, with prices now falling in some areas.

The Irish peace process, along with resultant Devolution and establishment of a power sharing executive, and a booming economy have all bolstered the market in recent years.

However, this has moved property prices out of reach for many.

"Affordability continues to be the dominant housing issue in Northern Ireland, along with housing supply," said CML Northern Ireland chairman, Trevor James.

"The CML has worked closely with the Department of Social Development to provide housing associations greater access to private finance."

Mr James, area manager at Progressive Building Society, was addressing an audience in Belfast this week, having replaced Derek Wilson, head of mortgages at Ulster Bank, as head of the organisation.

"While affordability remains the biggest issue, helping those people that are having difficulty with mortgage payments remain in their homes is perhaps of equal importance," continued Mr James.

"The most important step for anyone who finds themselves in this position is to contact their lender as soon as possible; we will do what we can to assist you."

CML data finds the average first-time buyer income multiple in Northern Ireland is 3.49, as opposed to 3.36 in the UK as a whole.

Furthermore, the CML finds there were 18,200 loans for house purchase in Northern Ireland in 2007, a 33 per cent decrease from 27,100 in 2006 - the lowest level since 1981.

Chris O'Toole

Related stories

Belfast city hall. Image:Thinkstock

Rare boost for Northern Ireland housing market

Province is only part of UK to see increase in mortgage lending for house purchase in final quarter of 2011, says CML.

Kensington and Chelsea is the least affordable London borough. Image:Thinkstock

Four out of ten towns affordable for key workers

Big improvement in affordability of homes but big problems remain in London and South East, says Halifax.
Stamp Duty is key concern pre-Budget

Stamp Duty is key concern pre-Budget

Stamp Duty is key concern pre-Budget

 By region, Lisburn performed better than the overall market. Image:Thinkstock

Another fall in Northern Irish house prices

Apartments the big losers as prices fall despite rise in transactions, reveals University of Ulster survey.

Mortgage note with house keys

CML responds to Which? variable rate claims

Council of Mortgage Lenders responds to claims lenders not passing on rate changes to customers with a direct message to borrowers.

 Row of houses in London

CML: Fewer houses will sell in 2011 than predicted

The Council of Mortgage Lenders has downgraded its assessment of the number of house transactions to take place this year.
Ha'penny Bridge, Dublin

Property auction website launches in Ireland

Irish investors will now be able to buy and sell homes at auction over the internet.

 Mortgage payment reminder

Mortgage repayments most affordable in 12 years

Eight of the ten areas to have experienced the biggest improvement in affordability are in Northern Ireland.
Belfast, Northern Ireland

Prices collapse in Northern Ireland

Prices collapse in Northern Ireland

 Terraced houses on a sunny day

Northern Rock launches 90% mortgage

Bailed out for reckless lending three years ago, Northern Rock is back with a very attractive home loan deal - is it too good to be true?

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.