Posted on Thursday 16 February 2017 by ub digital
Announcing the £4.5m housing scheme at Willow Park in Dunmurry are Hagan Homes managing director Jamesy Hagan (left) and Eden Contractors managing director Arthur King. Photo: William Cherry/Presseye
Hagan Homes has just started building 35 new homes as part of a £4.5m development in Dunmurry.
The two-acre site will take 18 months to complete and is expected to create 50 construction jobs during the build.
The developer said the first phase of the scheme - which ranges from two-bed apartments to three-bed detached houses - will be completed this summer and will start from around £90,000.
Eden Contractors Limited are the main contractor at Willow Park.
Managing Director Jamesy Hagan said the firm has growing confidence in the market.
“We are delighted to announce our plans for the new Willow Park development in Dunmurry, Co. Antrim. It is a clear indication of Hagan Homes’ confidence in the local market and a further sign of rejuvenation in the construction sector.”
The news follows the release of latest data from the Northern Ireland Statistics and Research Agency which showed house prices climbed by 5.7% in the year to the end of 2016.
The average price of a house here is now £125,480, up 29% on the low hit in 2013.
The last quarter of 2016 was the 16th consecutive quarter during which house prices rose here.
However, prices still remain £100,000 or 44% below the peak hit in 2007, according to Richard Ramsey, Chief Economist at Ulster Bank.
He said a shortage new supply on the market has helped support prices but warned the rising inflation is likely to dent the uptrend.
“Looking ahead, the Northern Ireland housing market will be impacted by a squeeze on living standards,” he said. “The combination of accelerating inflation coupled with a benefits freeze until 2020 will impact on affordability. House price growth is expected to continue albeit at a slower pace in 2017.”