N.I.'s relief at Bank of England's rates decision

Professionals working in the property industry across Northern Ireland welcomed the Bank of England's decision to leave interest rates unchanged this month.

Business leaders in the province were relieved to see interest rates remain at the record level of 0.5 per cent as the economy struggles to gain momentum in the recovery phase. Sales activity in the housing market across Northern Ireland has not picked up as well as the rest of the UK property sectors and agents were worried that any rise in the rate of interest would prolong and perhaps damage the road to recovery.

Confidence in the property market is running at an all time low due to several factors including the huge drop in house prices, finance limitations, unemployment issues and negative press reports.

Signs of recovery are beginning to surface but the road ahead is likely to be longer than previously thought.