Hagan Homes starts work on £1m project in Lisburn
Around 25 new jobs have been created in a £1m housebuilding development in Lisburn.
Hagan Homes is building six semi-detached houses costing around £170,000 each at Wallace Gate in Lisburn.
The first houses are to be completed by main contractor MCA Building and Joinery in February next year, with the entire development due to complete in July.
Hagan Homes has said it intends to build over 2,000 homes across Northern Ireland over the next 10 years as part of a £300m development programme.
The company is based in Ballyclare and led by James Hagan.
In its most recent accounts, the company reported turnover in 2018 of £17.2m, down from £18.7m in 2017. However, pre-tax profits had grown by about 50% from £2.5m to £3.9m.
Statistics from the National House Building Council have shown that the number of new homes registered in Northern Ireland rose from 3,391 in 2017 to 4,804 - an increase of 42%.
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But another industry body said Northern Ireland requires more than 9,000 new homes a year to meet demand, and that problems such as a lack of capacity at water treatment works were holding up housebuilding.
However, NI Water has warned that its plants in locations including Saintfield in Co Down cannot withstand the demand of more new homes.
Meanwhile, new-build homes are more expensive than resold homes, a new survey claims.
The latest property price index for Northern Ireland from Land & Property Services reports that the price of new dwellings sold in the third quarter of this year was up 1.1% on the quarter before. That compares to a 2.3% quarterly increase for all types of home.
And year on year, the price of new homes increased in value by 4.4% to reach a standardised price of £166,287 - 18% higher than the average price for all types of home of £139,951. The latter was up 4%.