BelfastVI

Lack of housing supply

Q4 2022 NIRPPI REPORT Link Quarter Change -0.5% Annual Change +10.2% Provisional Number of Sales 6,142

Timber was one of the first products to sky rocket at the start and timber has come down again. you may not see it in B7Q but wholesale prices are well down. Products that went up massively in the last 6-12 months are anything that goes into an oven. Bricks, concrete floor & wall tiles etc have all had 30% to 40% increases (last 18 mths). whilst I am told wholesale gas prices are away down due to their usage of forward buying many of the manufactures claim to be still paying high prices and we are still getting letters advising of further increases. As noted above construction has slowed massively and hopefully this drop in demand for products will help to bring them down.

It is no secret the market was cooling from about Aug and then Truss put the tin hat on it. Very little activity between that and the end of the year as buyers took a step back to assess what was happening with mortgage rates and the ongoing cost of living crisis. However, since the return from the break the interest and foot fall has been away up and for us the bookings are now coming through. Build costs still going up whilst selling prices are static at best. People who increased prices June/July (which we did) have to take that back off again. I don't know if the increase in bookings will continue for us but the light has certainly been switched back on.

Q3 2022 NIRPPI REPORT Link Quarter Change +4.1%(Last time we will see that for a while) Annual Change +10.7% Provisional Number of Sales 6,402

Q2 2022 NIRPPI REPORT Link Quarter Change +3.2% Annual Change +9.6% Provisional Number of Sales 5,798, down 27% on Q1 2021

I can't explain the low inventory. its baffled me for a while. I know new build has been unable to provide what it should be due to no zoned land, slow planning and NI Water issues but, at best new build is 20% of the market.

true

Yes hearing agents saying people finally starting to put their houses on the market. don't know what they were waiting for.

Q1 2022 NIRPPI REPORT Link Quarter Change +3.4% Annual Change +10.4% Provisional Number of Sales 5,436, down 28% on Q1 2021

Q4 2021 NIRPPI REPORT Link Quarter Change +0.1% Annual Change +7.9% Provisional Number of Sales 6,150 for quarter 29,769 for year (highest since 2006)

I expect he is just crying out for stock. My advice is never to listen to either car sales men or estate agents.

NI House prices have gained aprox £61k in the past 7 years since the bottom in 2013. However, current average prices are still aprox £65k below what they were at the height of the boom in 2007. Therefore, even if house prices were to continue on this path, which almost certain not to happen, it would not be until 2028 until we reached the peek prices again, some 21 years later. For the record I don't believe that will happen unless general inflation (including wages) takes over.

Q3 2021 NIRPPI REPORT Link Quarter Change +3% Annual Change +10.7% Number of Sales 7,529

We have next to no area plans and most zoned land is exhausted. there has been constraint on supply for years. of course it will have an impact.