The Brexit Debate Northern Ireland Housing Shortage
The Brexit debate enters its final days and the arguments from both sides are approaching boiling point!
The claims and counter claims from the Leave / Remain protagonists tell us that ‘things’ will be better or worse, more expensive or cheaper, safer or more dangerous, (at best), or we will experience plagues, pestilence, or even risk WW III, (at worst). As usual, the Politicians are very specific on their claims, but are generally very vague on any supporting facts. Obfuscation rules the day!
So, will be better of In or Out of Europe? I don’t think anyone knows for certain. What we do know is that there is currently a real shortage of housing in Northern Ireland.
The government's Housing Growth Indicators developed as part of the Regional Development Strategy identified an estimated need for some 190,000 new dwellings to be constructed in Northern Ireland over the period 2008-2025. This equated to approximately 11,200 new homes per year. The NHBC reported that in the 2nd quarter of 2015, 780 new homes were built in NI, (approx. 3,120 per year), well short of the target of 11,200. This issue is not going to magically disappear, regardless of which way the Referendum vote goes.
With new builds falling well short of demand, the Private Rented Sector will play a crucial role in helping to house people. Here at Belvoir, we don’t sell, (residential, commercial or agricultural), offer mortgages, etc, etc. We are 100% focused on residential lettings and property management. If you want some free, impartial advice on the local rental market, please call Jackie, (in Bangor), or Trevor, (in Newtownards).