Vulnerable households in the owner occupied sector. Affordability Issues in Northern Ireland. Owner Occupation in Northern Ireland 1974-2011. Source: Northern Ireland House Condition Survey. Average house price by region: Nationwide Index.
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in Northern Ireland
Source: Northern Ireland House Condition Survey
Source: Quarterly House Price Index
FSA Prudential Risk Outlook 2011:
HML analysis (Sept ’11): A further 10% fall in house prices could see 30% of all borrowers in NI in negative equity; also issue of age group affected.
Source: Northern Ireland Courts and Tribunals Service
Uses a typical bank/building society annuity formula to
work out the maximum price that a household with a
median household income could afford to pay, based on
assumptions about a number of variables:
An indicator of the degree of difficulty experienced by
first time buyers in repaying their mortgages: a
negative figure indicates affordability problems.
Out to consultation 2008; advice service and mortgage to rent/mortgage to flexible tenure (but not for households in negative equity).
2008-2011: Ministers for Social Development bid for funds to launch financial rescue element, without success.
June 2011: Minister for Social Development “support[s] the ideals of a mortgage rescue scheme for Northern Ireland”, but emphasises that a full scheme: could cost £8.25 million over a two-year period; might only enable 72 ‘rescues’; and would impact on other budgets (e.g. health).
March 2012: Reports that Minister has no plans to introduce a mortgage rescue scheme: it would not help enough people and would be too expensive to run.Policy Responses
Northern Ireland Housing Executive
The Housing Centre
2 Adelaide Street