A relationship manager at Assetz Capital has claimed that government support such as the Coronavirus Business Interruption Loan (CBILS) program has re-energized the property market in Northern Ireland.
Morgan McCandless, director of relations spanning Northern Ireland for the peer-to-peer lending platform, said Covid and Brexit have the potential to instantly hurt Northern Ireland’s property market.
He said CBILS was needed to absorb the shock of the pandemic and provided borrowers with the ability to continue to operate, while supporting the local economy, whether through contractors, agents, lawyers and quantity surveyors, who were also indirect beneficiaries.
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“The rebound in the NI market has been remarkable and contrary to what one might expect, the residential market has been reinvigorated to some extent by supporting government initiatives,” McCandless said in a blog post on the website. of Assetz Capital.
“It is particularly encouraging to see the apparent level of demand for family homes at realistic and sustainable prices in much of the United States – likely motivated to some extent by those who intend to work more from home and therefore to live in a more rural setting, with more space, a better work / life balance and where the value for money can be difficult to ignore …
âAssetz is now accredited under the Payback Loan Program and is once again helping borrowers in the NI market by stepping up their efforts to provide much needed financing in a market where traditional lenders are not performing their traditional function. “
This follows FintechNI, Northern Ireland’s fintech trading body, which earlier this week presented a three-year plan to attract more than Â£ 25million in foreign direct investment to the country.