Property market recovery vital to NI economy

Chairman of the Royal Institution of Chartered Surveyors (RICS), Michael Hannaway, has indentified the property market as one of the most important factors to getting the Northern Ireland economy back on track.

Mr Hannaway took up the position in September last year, and used his mid-year report to set out his assessment of the property market in Northern Ireland and his advice on how property needs to be handled in the near future for the good of the economy. He says property "needs to be valued in a realistic way" and also called on banks, public bodies, and other groups with property portfolios to "manage these assets in a way that doesn't compromise the recovery and the good functioning of property markets".

Speaking on other aspects of the economy, Mr Hannaway said lowering the rate of corporation tax in Northern Ireland was "highly desirable", and also talked about the cost of sectarian division, which he believes costs the Northern Ireland economy £1billion a year.

If you are a first time buyer or home-mover considering the purchase of a property in Northern Ireland, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast for information on the legal process by calling 0800 840 9290.

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