Backing for government regulation of home ownership

Wednesday, 11, Jun 2008 09:39

Housing professionals across Northern Ireland have shown their support for government regulation of home ownership, according to the Chartered Institute of Housing (CIH).

A survey carried out by the organisation of its members has found strong support for government intervention to promote stability in the housing market.

A perhaps surprisingly large 71 per cent believe the government should regulate home ownership to ensure people do not borrow more than they can afford.

Furthermore, there is also common concern among professionals that owners need greater protection when buying homes to prevent them getting into unmanageable levels of debt.

"The fears expressed by professionals reflect what's happening in the housing market currently," said director of CIH Northern Ireland, Grainia Long.

"We are seeing the effects of households making desperate decisions to borrow more than they can afford because many alternatives to home ownership have not been available.

Social housing, however, is out of the equation for many in the province.

"The waiting list for social housing in Northern Ireland is the longest in a generation, and is therefore not an option for many households," continued Ms Long.

"All the more reason, therefore, for government to consider regulation of home ownership and to ensure that targets for building more social and affordable housing are met."

The survey also highlighted substantial fears among the sector that government targets on house building will not be met in the coming period.

Up to 70 per cent of those questioned reported they were not confident of sector's ability to meet targets for building social and affordable housing.

This latest trend will continue to place increasing pressure on the social housing sector, with an estimated 40,000 households on the waiting list.

Chris O'Toole