Latest:

07:02 Hunt committed to Wolves
07:02 Foden promises Tindall fitting farewell
07:01 Dowson handed England captaincy
07:01 Foden fired up for Tindall farewell
07:01 London Welsh to step up promotion fight
07:01 Banned Barton faces club investigation
07:01 Taylor won't defend Barton's actions
07:00 City title fun is over - Kidd

House sales rise for a third month as slump 'starts to ease'

By Helen Carson
Tuesday, 12 May 2009

Northern Ireland house sales are up for the third month in a row despite ongoing job losses in the local economy, it was claimed today.

The latest figures from the Royal Institution of Chartered Surveyors show the local housing market is improving with house transactions up last month.

There was an almost unanimous response from surveyors who reported that house sales have increased in the past three months.

In addition a further two-thirds of the property professionals said they expect sales to continue to rise for another three months.

The RICS house report, sponsored by Ulster Bank, also revealed falling property prices had decreased since the March study.

Despite the upbeat message, which also pointed to more buyer inquiries, Northern Ireland housing spokesman Tom McClelland urged caution and said the improving situation should be kept in perspective.

“These are improvements from historically depressed conditions and we are probably still some way off what would be considered a healthy housing market,” said Mr McClelland.

“The fact is that while transaction levels are increasing they still have some way to go, and prices in some sectors of the market might have further to correct. The recovery of the local housing market will also continue to be tempered by rising levels of job losses.”

He added, however: “I think it is certainly fair to say that the worst of the housing downturn is behind us and, in general terms, things will continue to improve as the year goes on.”

Meanwhile Derek Wilson, head of mortgages at Ulster Bank, said: “Confidence in the outlook is clearly improving due to a number of factors, including lower interest rates and more affordable asking prices.

“It also tallies with our own business levels which show an increase in mortgage applications of 70% since February, and mortgage offers in April 2009 close to levels of April 2007.”

Print
Text Size
- Normal
- Large
- Extra Large

Good man "No Fixed Abode" a simple reality check.

I would like to know who is actually paying the average wage of £25,000 pa, what business they are in and what percentage of their workforce are getting paid £25,000 pa or more!!

Posted by bewildered | 08.06.09, 16:53 GMT

Okay. Let's have a reality check.

Average wage = £25000.00

Therefore 3X£25000.00=£75000.00

That's all I could afford, if I earned as much as the average wage.

The current market prices are just not sustainable in the long term without new money coming into the equation( i.e. 1st time buyers).

Wake me up when the average house costs 3 times the average wage. It might take a while, but it will happen.

ZZZZZZZ.

Posted by No fixed abode | 04.06.09, 13:44 GMT

Fools and their money are easily parted.

Posted by Willie whatevernext | 14.05.09, 13:34 GMT

Its the same story every month, green shoots, slump starts to ease etc etc. Could we not just have the truth? What is the point of all these stories? How many house were actually sold?

Posted by Patrick | 14.05.09, 01:27 GMT

"The only people who are going to sell in this market are those who are prepared to be truly ruthless."

http://news.bbc.co.uk/1/hi/business/8045692.stm

Posted by Peter O'Hanarahan | 13.05.09, 12:45 GMT

So, house sales are up for 3 whole months in a row, but no mention that for the 21st month in a row the majority of Estate Agents reported price falls. Get a grip, the price falls are far from over, house sales are only rising because they were previously so close to zero they could only go up!!

Posted by Jack | 13.05.09, 01:08 GMT

N.I is an economic basketcase......... houseprices were the laughing stock of europe, so unfortunately, there are going to be severe casualties in the short term and it will take some more time to reach the bottom, in anticipation of better days ahead.

Posted by willie gamble | 12.05.09, 15:51 GMT

Quotes from actual report Apr 09 - "in Northern Ireland, the price balance improved slightly." referring to the number of surveyors who think prices will fall, rise or stay the same...
"Figures for Northern Ireland have been collected since the beginning of 2006, though there is insufficient statistical time
series information at present to provide market commentary."

Headline 'slump starts to ease' is subjective at best with little evidence. As reported in other papers, I think the best that can be said is "The balance may be in deeply negative territory, RICS said, but April’s reading represents the LEAST negative reading since January 2008." - this is a small dip in the rollercoaster of price falls - sheer drop later me thinks ;-)

Posted by kenxoil | 12.05.09, 12:31 GMT

Another dead cat bounce story - trying to instill hope through false stories will ultimately lead to all hope being lost - the public can only handle so many false dawns.

Posted by Martin | 12.05.09, 12:03 GMT

It would be interesting to see some statistics on who is buying at the moment. Certainly not first time buyers. My guess would
be people with plenty of equity in existing properties, or divorcees who were priced out in the boom years. Unfortunately we do not have such figures.

In the meantime is it too much to ask that prices be allowed to fall to a fair and realistic level instead of panicking young people with these one-sided reports?

Posted by Lima | 12.05.09, 11:47 GMT

did you not see jamie d'largy on tv stating that there was no point comparing mortgage applications or any market activity to that in 2007- as hardly anyone was buying then at the peak of the market - funny how the Belfast Telegraph was then and is still unsuccessfully trying to talk up the market - leading people into negative equity!!

I'm fed up reading your journalism now, everyone can see it for the propaganda that it is.

Posted by propaganda spotter | 12.05.09, 10:30 GMT

It is interesting to hear Derek Wilson reporting that Ulster Bank are seeing an "increase in mortgage applications of 70% since February, and mortgage offers in April 2009 close to levels of April 2007.”

My understanding of the hyper inflated, overheated NI housing bubble/market in April 2007 saw EVERY first time buyer priced out of the market. There was actually negligible mortgage business being done - but the banks and lenders won't tell you that. For the Ulster Bank to use a comparison of todays marketplace with that of two years ago really does highlight that that housing market is not turning positive. If the Ulster Bank had said that Mortgage offers had returned to 2005 levels then that would have been antirely different proposition .... but the Ulster Bank did not say that did they?

Posted by paul65 | 12.05.09, 10:26 GMT

You mention in your second paragraph about the RICS report stating that things are improving. What report are you reading?

If you look at the latest RICS report it clearly states that "The negative price balance in Northern Ireland remained little changed from February reading"

selling 1 more house per month for 3 months in a row doesn't quite sound good but none the less you, once again, have put a positive spin on a situation that is actually NOT getting better.

Even Tom McClelland, Northern Ireland Housing spokesman is urging caution..."These are improvements from historically depressed conditions and we are probably still some way off what would be considered a healthy housing market,” said Mr McClelland
<

Posted by Subby | 12.05.09, 09:16 GMT