New council homes and more housebuildingPosted on 04 October 2017
New council homes and more house construction was promised by Prime Minister Theresa May during todays Conservative Party Conference speech in attempt to meet their manifesto promise. "There is a strong market for new build properties among first time buyers and home movers" said Nick Brennan, Managing Director of Pinpoint Property, a leading Belfast Estate Agent, "but there is insufficient supply to meet the demand". New build house prices in Northern Ireland have increased by 25% in the last 10 years, while existing or resold properties have increased by 10% over the same period.
Promising to make £2bn available the PM today announced that councils and housing associations will be able to bid for the money and provide certainty over future rent levels, with some homes being built for social rent below market levels.