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Money saved in pandemic 'to boost housing market'

Economist predicts cash built up during lockdown will make deposits more affordable

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New build: An artist’s impression of Farleigh Property’s Mulberry Court development in Malone area of Belfast

New build: An artist’s impression of Farleigh Property’s Mulberry Court development in Malone area of Belfast

The kitchen area in one of the homes in Farleigh Property’s development in Moira

The kitchen area in one of the homes in Farleigh Property’s development in Moira

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New build: An artist’s impression of Farleigh Property’s Mulberry Court development in Malone area of Belfast

Cash saved during lockdown due to a lack of holidays, socialising and commuting could buoy the housing market in 2021, an economist says.

A report today by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank says the market ended 2020 with rising activity and prices, but with some uncertainty about what 2021 would bring.

But Neil Gibson, chief economist of EY Ireland, said that cash saved due to lack of avenues for spending could make the purchase of a new home more viable for some people by providing them with a bigger deposit.


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