The survey showed the overall average price of a house in the third quarter this year was £203,775 compared to more than £250,000 in the third quarter of 2007.

Apartments but represented 31% of the total transactions and prices rose by 10%, influenced by the new building activity in Belfast and despite developers discounting the price of new property.

The economist Alan Bridle, Head of Research at Bank of Ireland Northern Ireland, said: “Northern Ireland’s journey to more affordable housing continues in terms of the ratio of house prices to earnings – a welcome development for many – but the price reductions to date have not been accompanied by an increase in market activity. 

The Housing Executive’s Head of Research, Joe Frey, commented: “It is vital to keep things in perspective.  The ‘irrational exuberance’ of the eighteen months before the summer of 2007 was a serious aberration in terms of the longer term development of a sustainable housing market.  The market is currently undergoing a significant correction.  We need to ensure scarce resources are focussed on providing a safety net by building enough new social dwellings and alleviating the pain of those directly affected by the downturn, through for example the proposed Mortgage Rescue Scheme”.

Earlier this month the Bank of England slashed the policy base rate by 1.5 percentage points to 3% and a further reduction in base rate to 2% or less now seems likely. This will come as welcome relief to many existing mortgage borrowers already on the housing ladder although the critical issue of affordability for many potential new borrowers is one of securing the initial deposit.

The growth in the private rental sector, steep decline in First Time Buyer numbers over the last 3 years and the underprovision in the social sector all suggest significant “pent-up” demand for housing at affordable prices.

Read the latest Northern Ireland House Price Index for Q3 2008

Source: http://www.propertynews.com//blog/781/

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Mr Bradley, who owns several pizza outlets, set up Taskmaestro to develop and market an interactive touch screen panel, to help manage staff in the hospitality sector. The product, which now has an international patent, is currently being trialled in several high profile outlets. These trials have demonstrated the software can lead to significant cost savings and efficiencies through better management of equipment and energy usage.

“From the experience of running my own pizza outlets I noticed that staff often forget or neglect to carry out their core duties, especially when the manager is not around to remind them. That’s where the inspiration for Taskmaestro came from,” says Mr Bradley.

“Taskmaestro is ideally positioned to take advantage of emerging market opportunities such as the Food Hygiene Rating Scheme (FHRS), introduced by the Food Standards Agency for food businesses in March. My software can help businesses meet the highest standards through better process and task management. My own trials have already achieved a 5 star rating in my own outlets both of which use the software. My ambition for the company now is to grow turnover to over £5 million per annum within the next five years. This venture capital funding investment is essential to achieving that,” he adds.

Taking part in the Propel programme helped Mr Bradley to focus on getting his new technology business up and running and learn how to build a strong value proposition which would appeal to venture capitalists.

“Propel was a unique and very useful experience for me. It gave me the opportunity to take a step back and look at the huge picture. This allowed me to see the real potential of my thought and build a business plot focused on export sales and growth which I have subsequently used to secure finance,” he says.

Propel is designed for entrepreneurs with thoughts for businesses that have the potential to scale up and reach significant export growth. The programme provides salary support, master classes, mentoring from local and international experts, and access to potential investors.

Ian Murphy, Invest NI’s Managing Director of Clients and Entrepreneurship, says: “Taskmaestro is just one of several innovative companies that have benefitted from our Propel programme. Venture capital funding is vital for hi-tech, early stage businesses and the Propel programme, by helping businesses become investor ready and introducing them to potential investors , helps make that valuable link between the business thought and business success.”

The Propel programme is now open for applications. The closing date for applications, which can be made online at www.propelprogramme.co.uk , is 4pm Friday 15 April 2011.

Related Articles:

Propel Programme Calls Ambitious Entrepreneurs

Propel programme helps Rose’s business bloom

Source: http://www.propertynews.com//blog/997/

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Expectations for prices and transactions in the three months ahead (June, July, August) also improved marginally, the study says.

But, transaction activity remains subdued, with the net balance for this indicator at zero: 38 per cent of respondents saying that there was no change in the number of transactions and the remainder of respondents being split evenly between those saying transaction levels rose and those saying they fell.

The price balance, at -18, continues to lag other UK regions, but, nearly three quarters of Northern Ireland respondents reported that prices were flat.

“There remain huge sectoral and geographical variations in the local market, and the likelihood is for this to continue during the remainder of the year.

On the whole, the scale of public spending cuts that are to come will impact on Northern Ireland significantly, making a hard environment for the housing market.

Unemployment will remain high for some time and increasing pressures on household budgets, such as water-charging and rises in interest rates, will also inevitably come.  That said, we foresee a prolonged period of largely flat average house prices rather than a further significant correction in average prices.”
RICS Northern Ireland spokesman, Tom McClelland

“The expected headwinds will bring challenges for the housing market, but a range of indicators are pointing to evidence of increasing stabilisation. This is leading to an expectation that pent-up demand from those who have been putting off a home buy will start to be realised.”
Derek Wilson, head of lending products at Ulster Bank

The net balance for prices during the past three months was -18, with 70 per cent of respondents saying that prices were unchanged, 24 per cent saying they were lower and the remainder saying they rose.

The net balance for transactions during the past three months was 0, with 38 per cent saying that transactions levels remained unchanged, 31 per cent saying they were down and 31 per cent saying they were up.

The net balance for transaction expectations during the next three months was 15 with 54 per cent saying that transactions levels will be unchanged, 15 per cent saying they will fall and 31 per cent saying they will go up.

The net balance for price expectations is 8, with 77 per cent saying prices will be flat in the quarter ahead, 8 per cent saying they will be down, and 15 per cent saying they will rise.

Click here to search properties For Sale throughout Northern Ireland

Source: http://www.propertynews.com//blog/937/

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Propertynews.com, Northern Ireland’s definitive property website, in conjunction with GCD Technologies have launched the first locally built and supported client server based Rental Management software – known as Rental EDGE.

Complimenting the hugely successful Propertynews.com residential sales software ‘EDGE’, the new system is proving to be a huge hit with all the leading rental agents. As a founding member of the research group, Jonny Watson, Lettings Manager, McGeown Estate Agents, commented “Being involved from the outset on the steering committee for Rental EDGE was invaluable and provided me with the opportunity to shape the system to perfectly suit the local rental management industry – ensuring we all operate most effectively and efficiently on behalf of our clients”

Andrew Gough, Managing Director of GCD Technologies says that the company:  “… were delighted to be given the opportunity to develop this new software product for the EDGE stable. Estate agents involved in rental lettings and management now have a powerful tool that can become the core of their operations, mirroring the benefits the existing EDGE product has brought to the resale sector. By matching the latest technologies with a lengthy customer feedback process we’ve ensured Rental EDGE will be right at the forefront of Estate Agent software.”

Speaking at the launch of Rental EDGE, Samuel Dickey MRICS, Partner in Gerry O’Connor Estate Agents remarked “We knew from our long history with Propertynews.com and their EDGE system that the new software would be top class and the support of a high standard. The new Rental EDGE system allows us to be more efficient in our delivery of service to both landlords and tenants”.

An early adopter of Rental EDGE, Karen Gilliland Accountant, BTW Cairns, highlighted how vital it is for agents to keep abreast of new technologies, stating “We always strive to break new ground when it comes to technology and our business. We at BTW Cairns believe in continual innovation to ensure that our landlords and clients receive the best service we can offer. The days of paper management are over”.

Propertynews.com has provided software applications and support services to the property industry for over 10 years. Emma McNally, Managing Director Propertynews.com, commented “We are extremely proud to provide core business products to our customers and are delighted to see that the new rental software system is already delivering tangible benefits to local Estate Agents across the province. There is no doubt that Rental EDGE can radically transform the efficiency of the rental management process and thanks must go out to the agents who participated in the steering committee and also the expertise of GCD Technologies”.

Source: http://www.propertynews.com//blog/840/

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Whether you’re thinking of selling and want tips for making your property more saleable; have just bought and want help turning it into a home; or have simply outgrown your current living space and want to improve it – the Decorate & Improve Your Home Event will provide everything you need to make it all possible!

In the ‘HOWTO’ Zones, local companies will highlight the latest styles and trends for kitchens, bathrooms, windows & doors, flooring, making space, energy efficiency, interior decoration and home automation through show, interactive seminars and one-to-one consultations. The House Products & Services Zone will also include a Handyman Village for those homeowners who prefer to ‘get someone in’.

There will be FREE consultations and informative seminars from leading local experts – McCannMoore Architects who will launch the Improve Don’t Go Scheme in aid of Action Cancer; Strategic Plotting will clarify the ‘Plotting’ process; U105’s Gardening Expert, Trevor Edwards will provide inspiration for all seasons; CEDIA Installer and Custom Designer, Nigel McGrath, will show you how to future proof your home; Energy Consultant, PatrickWaterfield will clarify how to save money with energy efficient improvements; View Financial Services will offer advice on mortgages and insurance; while the Belfast Consumer Advice Centre will clarify what to do if something goes incorrect.

Don’t miss LIVE DEMONSTRATIONS, including how to make ancient flooring look new, insulate your home and make a wet room! There will be INTERACTIVE SEMINARS on preparing a property for sale, improving your home’s air quality, and how to live safely with gas. There will be SPECIAL OFFERS, COMPETITONS & DISCOUNTS, including 5 issues of Decorate & Improve Your Home for £5!

Click here to get HALF price tickets for the event 

Source: http://www.propertynews.com//blog/948/

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This is according to the latest data released by the National Association of Realtors (NAR), who noted that transactions dropped 9.6 per cent month-on-month and 2.8 per cent compared to the previous year.

"Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained," Lawrence Yun, NAR chief economist, said.

The industry expert warned that those looking to buy property in the US could expect recovery to be unsteady, especially as a result of the tighter lending market.

NAR added that the decrease in sales was accompanied by an increase in supply. Inventory rose 3.5 per cent to 3.49 million units.

Meanwhile, recent research from the University of Florida found that sales of single family homes and condominiums are increasing, as well as investments in land are increasing.

And speaking to Overseas Property Professional, the organisation forecast that 2011 will see a greater number of potential buyers making house buys in the US.

Source: http://www.propertyshowrooms.com/usa/property/news/us-homes-sales-fell-february_311255.html

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Related posts:

1. Different Types of Property Surveys
2. Making an Application to the Leasehold Valuation Tribunal (LVT)
3. How to deal with the mortgage minefield – 10 top tips

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Source: http://www.propertyweek.com/news/?cautious?-jd-sports-reports-28-profit-rise/5016692.article

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The event, now in its eighth year, is recognised as the most vital event in the industry calendar and attracted agents from across the country representing over 4,000 branches. It was once again supported by The Sunday Times and The Times with the winners presented with their awards by one of Britain’s most successful athletes, James Cracknell.

Following their initial submissions, each of the winners were subjected to rigorous scrutiny by a panel of independent industry experts and the whole judging process was once more overseen and supported by the Property Ombudsman Christopher Hamer with Peter Bolton King, Chief Executive of National Federation of Property Professionals acting as Arbiter.

Richard Johnson, Sales Manager commented “Having worked for Pinkerton Murray for four years I’m extremely proud that industry experts have concluded that we are the best Estate Agent in Northern Ireland. We have a fantastic team spirit and whilst we know we are excellent at what we do, for others to recognise us in this way is incredible.”

Stephen Murray, Sales Director added “I reckon that what influenced the judges here is that, despite a tough market place, Pinkerton Murray has been able to identify real buyers who are able to proceed where other agents so often fail and I’m proud that we will be able to use this accolade to persuade more vendors to let us handle their property sale. This award has place the icing on the cake of an incredible year which has seen us increase our market share and work incredibly hard to innovate and find buyers more quickly and the message of all of that in our submission obviously impressed the judges.”

Pinkerton Murray stood out in their region as an ever expanding estate agency in its home territory of North Down, capturing the hearts and minds of the judges with their entrepreneurial spirit and drive. As a company in its infancy and completing only its fourth year in business last year, Pinkerton Murray have shown that exemplary customer care makes business and when combined with modern technology and a dedicated team of employees Pinkerton Murray are becoming a force to be reckoned with.

The Judges’ Report highlighted the particular qualities of Pinkerton Murray stating, “Pinkerton Murray is a relatively new agency and impressed the judges with their business growth in a small space of time and in a hard market. Based in an area with a relatively small population compared to the rest of the UK, the team strive to enhance their profile and capture greater market share with professionalism, enthusiasm and expertise. They fully deserve the gold.”

Pinkerton Murray were delighted to receive the award with Managing Director, Victoria Pinkerton commenting “Quality industry awards are vital, not only do they recognise the hard work and effort that our staff place into their jobs and the quality customer service they deliver, but it is a clear endorsement to any potential customer that Pinkerton Murray is serious about delivering high standards of service in an industry that often receives negative press”

“We feel that this award really justifies our efforts in ensuring our clients’ needs are met and exceeded at every possible opportunity. Having seen the other strong entrants at this year’s award ceremony, including other local estate agents it makes us feel honoured that our clients hold us in such high regard. We have a fantastic brand and an incredible team and to be named as one of the best seven small firms in the whole of the country this year and the very best in Northern Ireland is something that we are all extremely proud of.”

Source: http://www.propertynews.com//blog/980/

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Prices were up by 9.7% over the last three months, but they are still down 8% on this time last year and down 35% from their peak in 2007.

The study puts the average house price in NI at £147,204.

Nationwide said the softening in the year-on-year rate of price decline may indicate improving affordability.

“The ratio of house prices to earnings is now broadly in line with that for the UK as a whole, having been well above the UK average for most of the last two years,” said the Nationwide’s chief economist Martin Gahbauer.

Mr Gahbauer suggested that any recovery is not being spread equally across Northern Ireland.

“The Northern Ireland (West) sub-region saw the largest annual fall in house price this quarter and has also been the worst performing area over the last two years,” he said.

“Elevated levels of unemployment in parts of the area are likely to have had a negative impact on prices.”

This is the second report in recent months to suggest that the Northern Ireland housing market is showing signs of recovery.

A University of Ulster/ Bank of Ireland survey in August showed that house sales were increasing with prices moving up slightly.

Source: http://www.propertynews.com//blog/868/

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