Initial evidence on NI possessions published by DSD

The Repossessions Taskforce established by Housing Minister Nelson McCausland, briefed the Social Development Committee on their initial findings on 3rd July 2014.   The taskforce's  Initial Evidence Paper: NEGATIVE EQUITY, ARREARS AND POSSESSIONS IN NORTHERN IRELAND looks at the impact of negative equity, repayment arrears and repossessions in Northern Ireland.

Janet Hunter, Housing Rights Service Director, who sits on the taskforce, commented:

"Everybody has a part to play in the solution to this problem including the individuals themselves. Government needs to work with lenders to produce NI specific responses to what is an NI specific problem. Our economy and housing market is not where the economy and housing market of South East England is.”

Minister McCausland is inviting people to have their say on the report: "I would encourage sector specific groups and indeed members of the public who have been affected by these issues to take the opportunity to help the Taskforce improve this evidence base as insight, perspectives and personal experience will be invaluable in finding innovative solutions to these complex and evolving issues.

In the coming months, the Taskforce intends to consider and develop options for borrowers in Northern Ireland who are affected by high levels of negative equity. 

Further reading on negative equity in Northern Ireland

Alison Wallace, Research Fellow at the Centre for Housing Policy, has written an article for us, summarising how the fall in house prices has impacted on borrowers in Northern Ireland.