This time is different. Northern Ireland’s housing market was front and centre during the last recession during the late noughties. But this time is different. While output has posted its steepest fall in a century, the housing market has been one aspect of the economy that has fared better than most. Residential property prices have defied gravity and have just completed their seventh consecutive year of annual price growth. Meanwhile housebuilders and estate agents have witnessed a ‘V-shaped’ recovery from the record rates of decline in house completions and transactions.Continue reading
The UK housing market is tipped to feature prominently in the Chancellor’s Budget. A range of initiatives are expected to be unveiled, targeted primarily at the younger generation. There are calls for a shift in emphasis from ‘Help to Buy’ to ‘Help to Build’ schemes. It remains to be seen how Northern Ireland will benefit from these. But it’s worth considering how the Northern Ireland housing building sector is currently faring. Continue reading
Growth at the end of 2016 had the feel of a seasonal sale. Let’s hope the consumer avoids feeling buyers’ remorse.
Global growth is slowing. The latest PMI survey says that it was at an almost 4-year low in February. The Chinese Authorities have already taken action and the European Central Bank is expected to do more soon. It is perhaps little surprise that the talk of negative interest rates is spreading to these shores. Continue reading
A former Bank of England Governor once said of central banking that “boring is best”. Last week though, central bankers were once again hogging the limelight. First off, the US Federal Reserve, which having raised rates must now work out whether the economy can support them. Second the Bank of Japan, which joined the negative rate club. And with all eyes on the Bank of England this week, “boring” seems a distant memory.
We all remember our grandparents recounting tales of major events from days gone by. In the years to come, Northern Ireland’s great housing market boom and bust could well feature in our own repertoire. But one suspects that our grandchildren may think us prone to exaggeration.