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Northern Ireland needs 11,000 new homes built

By Christopher Woodhouse

Published 19/05/2015

One of Northern Ireland's largest estate agents has said 11,000 new homes need to be built by 2020 if the property market here is to remain buoyant
One of Northern Ireland's largest estate agents has said 11,000 new homes need to be built by 2020 if the property market here is to remain buoyant

One of Northern Ireland's largest estate agents has said 11,000 new homes need to be built by 2020 if the property market here is to remain buoyant.

"Northern Ireland's residential property outlook remains strong, with growing confidence and market sustainability laying solid foundations for the future, provided the supply of new homes increases," said Neil Conlon, financial director of City Property Services.

His remarks come as the Department of Finance and Personnel is set to publish the Residential Property Price Index, a comprehensive survey of the property market.

Mr Conlon said his firm had seen an increase in new instructions to sell properties but found that with more potential buyers entering the market, there remained an ongoing imbalance between supply and demand.

"We require more properties to sell, or for more new build properties to begin construction soon, which should ease the pressure on prices and support growth in transactions," he said.

He also called on Stormont to take action to help the local construction industry boost the housing stock.

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