2015: Is It Time To Build More Houses?
At a recent business breakfast hosted by Bank of Ireland the question was asked “Is it time to build more houses in 2015?”
Representatives from estate agents including Rodgers & Browne, economists and the construction industry agreed that with employment up, interest rates down and demand returning to the property market, shrewd developers were now returning to building new homes.
At the height of the market (2007) it was suggested that around 15,000 new houses were being built each year, this had declined to c.6,000 new builds in recent years. With the current recovery experts predict Northern Ireland need approximately 10,000 new homes per annum to satisfy demand.
The success of the new development at Hadlow, Donaghadee is a case in point. With each new release sites are being quickly booked as purchasers are keen to buy and Banks and Building Societies are keen to lend.