House prices are at the heart of everything
In a recent blog post, commercial and residential development consultant Richard Carr outlined the significance of house prices and the current situation of the property market ahead of the upcoming general election. Many voters views are being swayed depending upon the policies that each party plans to introduce.
This week, Belfast’s low house prices have been cited as one of the major factors towards their most improved city in the UK award, according to a major report.
Falling prices are making Belfast a better place to live
The recent ‘good growth for cities index’ produced by business advisers PwC and think tank Demos said that Belfast had seen the biggest jump in its fortunes of any UK city.
The city was also voted number six in the top 10 best UK cities to live and work. The index assessed how cities performed in factors like jobs, income, health, skills, work-life balance and travel to work time.
Chief economist at PwC, Dr Esmond Birnie, said: “the recent steep fall in property prices has rebalanced Belfast’s price/earnings ratio, thus making the city a particularly attractive location for investment, work and living.”
Development has driven the economy
The city’s investment into its tourism through the development of new shopping centres has become a key economic driver for Belfast.
Belfast’s Cathedral Quarter has expanded since 2007, whilst a new sub-quarter was developed at St Anne’s Square.
The city’s range of shopping and tourism is almost unrecognisable from seven years ago, thanks to additions like Titanic Belfast and Victoria Square.
It’s key to keep developing
As Belfast has proven, investment in commercial and residential developments has long term effects, says Richard Carr. In fact, it has only taken seven years for Belfast to go from a ‘run of the mill city’, to one of the most desirable destinations in the United Kingdom.
Furthermore, a housing market which has a healthy amount of competition is one which will prosper, as Belfast are finding out. Low prices means happier communities and the people within those communities have more expendable income to use leisurely.