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Duplex

Northern Ireland

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Northern Ireland is now the standard bearer for the UK housing bubble, its therefore worth looking at the local economy to find out what’s driving this spectacular growth.

Northern Ireland (or the six counties) is leading the way in the UK with some regions seeing yoy increases of 40% in house prices. Much of the investment is driven by speculators from the Republic priced out of their own market, the construction industry is booming while manufacturing continues to decline. Lingering sectarian squabbling and mutual apartheid remain, however massive public sector employment growth has benefited the economy.

Property Prices

Northern Ireland is the UK’s regional hotspot for house price rises, according a survey out today. The cost of homes is rising at a whopping 20% a year. This year is shaping up to be a record breaker in local house prices.

“One factor at play is the attraction of property as an investment. Despite soaring prices, lenders report no let up in demand for buy-to-let finance or in the appetite of people to re-mortgage homes in order to buy a second property.” In Coleraine, Limavady and the North Coast the overall average price rise was even stronger at 45% bringing the average price to £170,191.

On the Index of employment (1994=100) manufacturing employment stands at 88, construction at 150.

For the period January - March 2005 seasonally adjusted unemployment in NI stood at 37,000, up 2,000 from the previous quarter but down 3,000 from the same period one year earlier. The unemployment rate in NI rose 0.2% over the quarter to 4.7% - equal to the UK. However, during this period the economic activity rate in NI was the lowest of all the regions at 72.3 % against a UK rate of 78.6%.

Public sector employment in the United Kingdom as a proportion of total employment was 20.4 per cent in June 2005. 17% of Jobs in the South East are public sector jobs, in Northern Ireland 30% the highest in the UK.

However

Gordon Brown is demanding 40,000 job cuts across the public sector in Northern Ireland, as part of hundreds of thousands of job cuts he plans across the entire public sector. The Review of Public Administration (RPA) is seeking to cut the number of local councils from 26 to as few as seven, the number of Health Trusts and Boards from more than 20 to fewer than ten, and the number of Education Boards from five to one. It is proposed that this will reduce "unnecessary waste" but the reality is that services will suffer and thousands of staff doing very useful work will lose their jobs.

So there we have it the fastest growing housing market in the UK, kind of makes ya stop and ponder.

Edited by Duplex

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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