Bleak times for buyers
Thursday, 12 June 2008
FIRST time buyers looking to set up home in Moyle are finding it extremely difficult to get on the property ladder with the news that there are NO affordable homes in the district, while homelessness has more than doubled in the past four years.
The rapid increase in house prices in the Moyle area has seen average prices rise by 257% between 2001 and 2007.
These findings were revealed in the Housing Executive's District Housing Plan and Local Housing Strategy for 2008-2009, presented to Moyle District Council at their meeting on Monday (June 9).
The two-and-a-half times increase saw the average affordable home in the district rising by £144,000 between 2001 and 2007. The problem is compounded because median income increased by only £2517 (20%).
Figures revealed through the latest University of Ulster survey indicate that the average price of a house on the North Coast is £264,055.
The news will come as another blow to first-time buyers who are eager to get onto the property ladder but are being squeezed out by spiralling costs.
Affordability is measured by considering the proportion of a household's disposable income taken up by mortgage payments and the ease of providing a deposit.
Speaking at the meeting, Deputy Chief Executive of the Housing Executive, Stewart Cuddy said: "There are indications now that the housing market is cooling off but this is little comfort to first-time buyers.
