NI Executive lose new home purchasing power

As the economy falls further into recession, the housing market follows and a recent report has suggested that the Northern Ireland Executive can no longer sustain its current new land purchasing power by selling off existing housing stock.

However homelessness in Northern Ireland is still set to rise and the executive is worried it will not be able to meet the demands of many with out roofs over their heads if they cannot generate enough income to buy more housing.

The Executive predict that they will need over 3,000 extra social housing units to meet the rising demand for homes, yet the report 'Bridging the Gap' has reinstated that more innovative ways of housing need to be developed in order to match the need of the homeless.

There are over 40,000 people on the government waiting list for houses and the government have tried to encourage the private housing sector to provide housing and funding for the ever increasing social housing list.

Plans have also been submitted to enable the Executive to instigate borrowing measure in order to self-finance the purchase of new housing, yet these strategies are yet to be given the green light.

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September 07^th 2009

• 1.6% rise in house prices
• Liyard house recieves modern adapations
• Bergman house enters bidding war
• Bovis homes confirm housing worries
• You're not suppose to blow the doors off!
• Raining on the Welsh housing market
• The house that never grew up
• Return of the first time buyer
• New town receives new homes
• No-one escapes planning permission
• Housing rises by 1, better than nothing!