The Nationwide building society index is based on the price agreed, after a survey, by its mortgage customers.

It found that prices fell by 5.7% in the second quarter of 2010, compared to a 1% fall in the first quarter.

Northern Ireland was the only UK region to see a fall in prices in the second quarter.

On an annual basis, prices were down 5.2% - a slight deterioration from the 3% year-on-year fall in the first quarter.

Nationwide's chief economist Martin Gahbauer noted that unemployment has continued to rise in Northern Ireland and is the joint highest across the building society's house price regions.

The survey suggests the average price of a house in Northern Ireland is now £128,846.

It also suggests average prices for four regions within Northern Ireland:

• City of Belfast - £191,536
• Northern Ireland (North East) - £145,905
• Northern Ireland (South East) - £160,423
• Northern Ireland (West) - £114,592

The finding are broadly in line with other recent house price surveys.

Northern Ireland experienced a house price bubble in the first half of this decade but since about 2007 prices have plunged.

Keith Mitchell, Senior Partner with Templeton Robinson said he was not surprised by the trend.
"Like many of these reports the statistics are historical."
“Overall the market is continuing to realign after one of the most tumultuous periods in living memory where prices rocketed 50% in two years.  It is only natural that, given NI’s unique experience in this regard, we will take longer than other UK regions to get back to normality.
“While there are areas in NI which are continuing to see price reductions there are others where prices have stabilised or, indeed, risen a little.  
“In the last quarter at Templeton Robinson we have seen the numbers of sales increase and prices overall stabilising.
“We are now seeing a slow and steady return to a normal market where people move for lifestyle reasons and not for short-term financial returns.  This is how the market was pre the boom of 2006-2008 and how it is likely to be as we go forward. Depending on who you are 2006-2008 was either a dream or a nightmare.
“We anticipate it could take 2-3 years for the entire market to settle so we get a consistent picture. In the meantime, as vendors continue to realign their price expectations there are good deals to be had for those with access to bank funding.”

16th June, London - Google today announced that UK Google Maps users will now be able to search for listings from estate agents and property websites directly on the map. Increasingly, people are starting their search for a new home online and this new feature will help connect them with the information they’re looking for, in an easy-to-navigate map format.

Companies across the property industry, have already taken the opportunity to put their listings on the map, so Google Maps users can find them and then visit the companies’ websites if they are interested in a particular property.

The new feature makes it easy to discover listings for sale or rent in a geographic area, across many agents and property companies. Potential home buyers can enter a city or location and see all the available listings represented by markers or small circles on the map by simply selecting “Properties...” from the More menu in Maps. They can then refine their search by price, type of property, bedrooms and bathrooms. The map will automatically update with relevant listings when panned or zoomed to another location, and when the search criteria is changed. Clicking on a marker or a small circle will provide more information about the listing, as well as the contact details of the listing agent and a link to help drive traffic to their website.

The following companies have already taken the opportunity to add listings to Google Maps: Zoopla, PropertyLive, Ezylet, SmartNewHomes, Vebra, Property Pal, Spicer Haart, Countrywide, Zoomf

“Given the importance of location to a home search, we’ve made it easy for home buyers and renters to see listings that match their criteria on Google Maps even as they pan and zoom the map to different areas,” says Andrew Foster, product manager, Google. “We know that many UK home buyers are already using Google Maps in their house-hunting, and by adding property listings to the map we’re putting everything together for them in one place.”

Alex Chesterman, Founder & CEO of Zoopla.co.uk said, “Google is an important start point in the online journey for many consumers, helping them find relevant content which is very complementary with our business which combines property listings with market data and a variety of tools to help consumers make better property decisions.”

Grenville Turner, Group Chief Executive of Countrywide (the UK’s largest estate agency and property services group, whose portfolio includes Bairstow Eves, Bridgfords, Abbotts, John D Wood & Co and Sotheby’s International Realty): “We see partnering with Google Maps as an ideal way to further extend our online reach. This will help the growing number of buyers, sellers, landlords and tenants turning to the internet to help make their next move.”

David Bexon, Managing Director of SmartNewHomes.com, part of Trinity Mirror Digital Property Group: “TMDP is delighted to be teaming up with Google for the launch of the latest feature for their mapping service. By contributing to the listings for this new feature, SmartNewHomes.com, the UK’s leading new homes website, is building on its promise to make clients’ new homes as visible as possible online. Existing Google Maps features such as Street View already help inform thousands of UK house purchases so to have all of this information residing in one place, will certainly make it easier for househunters.”

Errol Maxwell, Managing Director of PropertyPal.com commented, “Google’s mapping technology has already proved itself in the marketplace, and we have used embedded positional maps from them in our own PropertyPal.com website for some time. This announcement further underlines our commitment to providing users with a superior user experience and multiple innovative ways to search for property online”

Paul Foy, MD of Ezylet.com, a leading property rental portal, says, “Property search is a tremendous opportunity for Landlords and Agents to benefit from the open market created by this visually appealing addition to Google Maps. Ezylet as a rental-only portal can now feed property from both private landlords and agents directly to Google, giving more exposure for our clients and yet another rich search experience for potential tenants. Ezylet’s free and premium property advertising clients will both be included in this exciting and market-advancing service from day one.”

Mark Goddard, Group Managing Director of GMG Property Services (owners of market leading property software companies Vebra, Core and CFP), commented, “We are delighted to be working with Google on this new feature for Google Maps, which we believe will be extremely beneficial to our clients, helping them reach a wider audience. All our customers’ properties will automatically be available on Google Maps property search, unless they choose to opt out, for no additional cost or effort.”

Spicerhaart Chief Executive Paul Smith said, “Google are bringing an exciting new dimension to property marketing. Its advanced search engine and mapping facilities mean we can promote properties to an even wider audience, while buyers benefit from additional information about the local neighbourhoods where they are looking. It really is the best marketing tool in estate agency.”

Google Maps offers a number of other useful tools for home buyers and renters, including driving directions to help find properties to visit, Street View to let them virtually visit potential neighbourhoods and check out local amenities. Now they can also directly search for property on Google Maps.

A major obstacle over the last few years to clients buying their new home has been the level of deposits that mortgage lenders have required. The minimum deposit has typically been 10% and in today's tough economic climate that has put many people off buying property.

The good news is we now can provide access to a local lender who is offering a mortgage at 95% so with only having to find a deposit of 5% that new property purchase is that little bit closer.

There are restrictions on this lending so for more information reference rates and availability please contact our Independent Adviser, Ryan Hay of Independent Mortgages & Loans, on 0800 316 0356 (FREE) email: mortgage@iml-ni.com

The report suggested an annual growth rate of 4.9% in the first quarter of this year in contrast to a decline of 35% in the first quarter of 2009.

The overall average price of a house in Northern Ireland for the first quarter of this year was £169,497 compared to £161,429 in the final quarter of 2009.

However, the number of sales reported by the 120 estate agents in the survey rose to 800 throughout January, February and March compared to 692 in the same period last year.

Recovery in the market remains tentative as sales fell to 800 from more than 1000 in the final quarter of 2009, according to the University of Ulster Quarterly House Price Index, produced in partnership with the Bank of Ireland and the Northern Ireland Housing Executive.

The authors of the report, Prof Alastair Adair, Prof Stanley McGreal and David McIlhatton said the latest data highlights the tentative recovery of the housing market.

"However, the findings suggest that recovery is patchy and varies across different property types and areas of Northern Ireland.

"The pace of growth is likely to be impacted by macroeconomic conditions and the steps that the new government takes to reduce the public deficit."

The report uses a weighted index to even out the fluctuations in sample composition.

The authors said the smaller sample size in the first quarter was caused by continuing difficulties in the market, the cold winter and the change in stamp duty which produced a flurry of sales in the final quarter of last year.

'Erratic'

The economist Alan Bridle, Head of Economics and Research at Bank of Ireland Northern Ireland, said: "Eastern areas such as Belfast and North Down seem to be seeing some signs of recovery but the picture for Mid Ulster and the west remains particularly challenging.

"The recovery will be patchy and uneven in 2010 and I expect the average house price to remain a little erratic until sales volumes return to more normal levels.

"The market is increasingly influenced by the private rental sector which has grown significantly because investors or owner-occupiers are either unable or unwilling to sell at the new lower price levels, while demand has risen from those who find it harder to obtain a mortgage or who have deferred buying a home in the belief prices will fall further."

The survey confirmed the affordability of housing, with 54% of all properties selling at or below £150,000.

The Housing Executive's Head of Research, Joe Frey said the latest index provides further evidence of stabilisation in the housing market.

"However, bearing in mind the wider economic context and the expected reductions in public expenditure it would appear that the road to a more balanced housing market will be challenging."

The latest survey also showed that the resale market is still not fully functioning, with newly-built houses representing a disproportionately large 39% of the sales.

Although prices rose overall, terraces and townhouses fell in price by 2.3%, while semi-detached houses fell by 4.3%.

However the average price for a detached house rose by 20.7% and semi-detached bungalows increased by 15.6%. Apartments rose by 2.4% and detached-bungalows increased by just 0.5%.

Regional performance

More than 120 estate agents reported similar price trends across Northern Ireland.

The highest average price was in was in North Down - £228,818- while the lowest was in while the lowest was in the Craigavon/Armagh area - £129, 208.

Belfast's average price of £183,498, represents the best performance in the city's housing market since 2007.

C/O bbc news website.

An improving market brings its own challenges, especially when you consider the two largest extremes of value adjustments which have occurred in recent times.  For potential vendors it means that careful analysis is required.

Obviously the objective will be to secure the best price possible and the key is to establish, from the outset, just what factors are likely to lead to the ultimate sale price being optimized and then to assess who is best placed to bring all those factors together.

Setting and constantly reviewing an appropriate asking price requires skill and professional judgment, backed up by solid market experience. It is essential that the price and ongoing marketing is freshly pitched correctly, to reflect the assets of the particular property and the market value for properties in the area.

Bringing the property to market and gaining and sustaining the attention of prospective buyers does not happen easily in an oversupplied marketplace. It involves careful and constant development of an appropriate and tailored marketing package which will use a combination of things, only some of which will be the agent’s board or website.

What is always important is the breadth and extent of the marketing platform which the agent can offer i.e. their professional reputation, the number of branches, the appeal and recognition of their branding, their publications, their website - including its attractiveness and ease of use - and also their promotional advertising offering. Any good marketing platform will also include a considerable database of potential buyers.

Down the line when offers start to come in, the negotiation process will require considerable skill and know-how, particularly in the promising situation where there are multiple offers. A solid understanding of how this process works and at what point to make the final judgment call can only come through training and experience. Indeed this Is only the beginning of the sales process as converting any offer into an actual solid contract requires considerable time and effort in co coordinating with third parties such as other agents involved in any chain, lenders, surveyors, solicitors, building control, specialist surveyors and so on.

So the wise vendor will be taking many factors into account in deciding who to use to help not only market but truly sell their property for the best price. There is a real possibility of being seriously short-changed if an attractive short term opportunity does not follow through and ends up tarnishing the sale. In short, vendors should always seek and listen to sound advice and guidance.

UK residential property

Patrick Palmer , Partner at Templeton Robinson , commented:

"In a market gripped by the closest fought election in recent memory the housing industry will welcome the stability of the base rate being held at 0.5% for the 14th consecutive month. While the outlook for the UK economy is improving it would be far too early to contemplate raising interest rates, and as a consequence, risk derailing the housing market recovery."

"Market data shows improvement, but the resurgence remains fragile: average house prices rose 1% in April according to the Nationwide index, bringing the annual rate of growth to 10.5%. Although subsequent Halifax data reported a contradictory fall of 0.1% in the month."

 "Statistics from the Bank of England this month show a 2.9% rise in mortgage approvals, allied to a 4% rise in the British Bankers Association measure of new mortgage lending. This illustrates that consumers are starting to demand more credit, lending however remains historically low. During this phase of election uncertainty the market will respond well to the consistency of the Bank of England decision."

But are we being cruel to be kind? When asked what pet owners thought was the most stressful event for a pet, moving house topped the poll with 65% believing that the experience is equally or more stressful for their pet than it is for them. Therefore, pet owners may be sparing their pets the stress of a house move by giving them away.

Perhaps surprisingly, 25 percent of men consider the house moving experience to be more stressful for their pet than for them, compared with just 18% of women. Could it be that men are more in touch with their pets’ feelings – or simply that women bear the brunt of stress during a house move!

The research also highlighted that moving house is one the key reasons for pets to end up in a rescue home with nearly 5% admitting to giving up their cat to a shelter and 1.6% simply leaving the animal in the neighborhood when they move.

Pet Behaviour Counsellor Vicky Halls explains, “A house move can be a stressful experience, especially for cats. As territorial animals they find coping with a new environment particularly difficult and often show stress-related behaviours like urine spraying and scratch marking. While I would never advocate abandoning a cat, it may be that rehoming the animal in the area is the kindest thing to do and will avoid problems for both the cat and owner later on.”

However, Juliet Penaliggon, company vet from Ceva Animal Health, manufacturer of Feliway and DAP adds, “Pet owners who are aware of the stress that these changes can potentially cause to their animals, can help their pets adapt to challenging situations at any key stages of their life. I would encourage worried owners to ask their vet for advice before the move and investigate using products like Feliway and DAP to help the animal settle in the new home.”

Feliway is a natural pheromone-based product which can help reduce or prevent stress-related urine, vertical scratch marking and other stress-related behavioral or medical problems in cats. DAP is a safe and convenient way proven to prevent and minimize stress related behavioral problems, by helping dogs adapting to challenging situations at any key stages of their life.

“Here in Northern Ireland we experienced a much greater ‘boom and bust’ scenario than in other regions of the UK’” said Patrick “Therefore it was always going to take slightly longer for the market to correct itself.  From a peak in the summer of 2007 when prices were unsustainably high, we have seen a price correction of some 30 to 40 percent.”

But we are now seeing greater levels of interest right across the price bands with particular positive movement in properties up to the £250,000 mark. The majority of properties selling are those that have been listed since January 2010 and which are realistically priced including  the new build sector and those more long standing properties that have reacted to the price correction & adjusted accordingly.

However, there are still many properties which are over-priced and its these properties which distort the Northern Ireland statistics because they tend to remain on sale for a significant period. It is entirely natural for vendors to want to get as much for their property as possible and we are justifiably proud of our own record on behalf of our clients in that respect. However it is important that the expectations of vendors match the realities of the market. We have an important role to play here in ensuring that our clients fully appreciate the true present market value of their properties. What we  are  finding  is  that  those  properties that  are  realistically priced are more often than not the  sales that are attracting any  interest there is  in  the  market place. Overall the market is very much of  a “ Stop Start” nature however we can very much see what is a gradual improvement with the number of transactions increasing & in general across the board things moving in the right direction.

On the funding side, there has been positive movement since the beginning of the year and we are now seeing a greater availability to funding from the various lenders. This has undoubtedly improved the market environment but it needs to improve further, especially in a situation where there is every chance that properties will sell.

Star of Gavin and Stacey and general TV funny man James Corden has been named the British celebrity that most people would like to live with, according to a poll of more than 1,423 people. Of those who chose him as their favourite, 1 in 5 said it was because they believed he’d be entertaining to have around the home.

The study was conducted by the UK’s leading discount website MyVoucherCodes.co.uk  who commissioned the research when they noticed an increase in people looking for discounts on celebrity endorsed products.

TV personality Holly Willoughby was voted as the second most popular choice in the poll, with 61% of those who chose her citing her bubbly personality as the reason behind their decision. In contrast, 69% of people chose troubled Babyshambles front man Pete Doherty as the celebrity they would least like to live with; 1 in 3 citing that they believed he would suffer from poor personal hygiene.

Here are the results of the Top 10 Most Desirable Celebrity Housemates multi-answer questions, along with the percentage of the vote they received:

1. James Cordon (76%)
2. Holly Willoughby (53%)
3. Cheryl Cole (47%)
4. David Beckham (41%)
5. Alan Carr (39%)
6. Prince Harry (34%)
7. Charlotte Church (26%)
8. Fearne Cotton (19%)
9. Steve Jones (17%)
10. Chris Moyles (12%)

Of those polled, 43% of people said that a good sense of humour was the most desirable trait in a housemate, closely followed by cleanliness (32%) and financial stability (19%). A quarter labelled not doing the washing up as the most irritable characteristic, with 76% of these people admitting that this was the main cause of arguments between housemates.

The study also asked people which celebrity they would least like to live with, the results as shown here:

1. Pete Doherty (69%)
2. Katie Price (58%)
3. John Terry (49%)
4. Amy Winehouse (40%)
5. John McCririck (35%)
6. Kerry Katona (33%)
7. Ashley Cole (26%)
8. Gordon Ramsay (23%)
9. Peaches Geldof (19%)
10. Lily Allen (15%)

Andy Spenceley, commented on the findings:

“With celebrity endorsed products being so popular amongst our site users, we thought it would be fun to find out who would be the most popular choice of housemate! When you consider that 40% of celebs chosen are renowned for their humour it shows how important light-heartedness is to harmonious housemate relations.”

He continued:

“It is interesting that Pete Doherty was labelled as the least desirable by one third of people because they believe he has poor personal hygiene. Maybe he could clean up his image in more way than one!”

The following is from BBC NEWS ONLINE...

The Labour leader went on the attack against Mr Cameron during the historic 90-minute encounter, accusing him of "airbrushing" planned spending cuts.

The Tory leader accused Mr Brown of trying to "frighten" voters.

Lib Dem leader Nick Clegg said neither of them were being "straight" about the scale of cuts needed.

BBC Political Editor Nick Robinson said the biggest impact of the contest will be the insertion of Nick Clegg and the Liberal Democrats into the nation's consciousness but nothing the other leaders said had fundamentally altered the general election debate.

The abiding memory of the contest could be "the other leaders saying 'I agree with Nick," he added.

Two opinion polls taken immediately after the debate, by YouGov and Populus respectively, suggested Mr Clegg won.

The debate on ITV1 was the first of three over the coming weeks, in the run up to the general election on 6 May.

It was a more measured and detailed contest than when the three men clash in the House of Commons, although there were occasional flashes of anger.

The audience, which thanks to rules agreed in advance were banned from clapping, sat in silence as the three men bidding to be the next prime minister addressed questions ranging across the domestic scene, from health and education to tax and spending.

On the expenses scandal, Mr Brown said he was "shocked" and "sickened" by the revelations.

"Nobody should be standing for election at this election who is guilty of the offences that we have seen," he added.

Mr Cameron described the expenses scandal as a "horrendous episode", saying people "don't pay their taxes for MPs to abuse the system".

Expenses

He vowed cut the number of MPs by 10%, slash ministerial pay by 5%, reduce the size of Whitehall by a third and bring in a recall system to allow voters to sack their MP.

click here for more....

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We'll be back on Wednesday the 7th of April.  For any queries please Contact your local branch

The Employment and Learning Minister, Sir Reg Empey, has announced a £16m funding pledge for a university campus in Belfast's Cathedral Quarter.
He said the planned £250m development by the University of Ulster in York Street would be the city's biggest since Victoria Square.
The university will relocate many courses from its Jordanstown campus to Belfast as part of the scheme.
Its vice-chancellor, Professor Richard Barnett, has welcomed the funding.
He said the new campus would play a "significant role in the academic, cultural, social and economic regeneration of Belfast".
"The relocation of 12,000 students from our Jordanstown campus to join the 2,000 students currently studying in York Street will not only boost the city centre but will also link in well with other exciting developments across the city," he added.
It is expected the construction of the new campus will be completed by 2018.
The funding announcement was made at the Belfast City of Quarters conference, a two day event, which continues on Friday at the Culturlann in west Belfast.

TEMPLETON ROBINSON HAVE VARIOUS NEW DEVELOPMENTS WITHIN A CLOSE PROXIMITY TO THE NEW CAMPUS CLICK HERE

Chancellor Alistair Darling has axed stamp duty on homes under £250,000 for first-time buyers in a pre-election Budget which hit the better off.
Stamp duty will rise on £1m homes and anyone earning over £130,000 will see their tax bill rise in moves seen as aimed at cheering the Labour faithful. Mr Darling said the budget deficit was now expected to be £167bn this year rather than the £178bn forecast. But the Conservatives said Labour had "made a complete mess of the economy". Tory leader David Cameron accused Mr Darling of stealing Tory policies on stamp duty and an extra tax on strong cider. And taunting Gordon Brown he said:
"The biggest risk to the recovery is five more years of this prime minister." Lib Dem leader Nick Clegg said both the chancellor and David Cameron were "in denial" about spending cuts.

"Neither has the courage to come up with the details of the cuts we will need in the years ahead to tackle Britain's deficit," he told MPs. Mr Darling unveiled a series of measures aimed at clawing back tax from high earners - likely to go down well with Labour MPs fighting an election next month. He said he was freezing the inheritance tax threshold for another four years, in order to help pay for the costs of care for older people. He also announced the end of some personal tax allowances on those earning more than £150,000 and a cut in tax relief on pensions for those with incomes above £130,000 a year.
He confirmed the government would stick to a 2.2% real terms rise on spending this year but warned spending cuts after 2011 would be the "toughest for decades".

'Toughest'

But to cut earlier, as the Conservatives were demanding, would be both wrong and "dangerous" and would risk derailing the recovery, he said.
"The task now is to bring down borrowing in a way which does not damage the recovery or the frontline services on which people depend," he said.
"The challenge now is how we invest as a country to support the industries of the future and allow the talent of the British people to flourish."
Mr Darling provoked roars of approval from Labour MPs when he announced a crackdown on tax evasion through new agreements with the governments of Dominica, Grenada and Belize - home of Tory "non dom" donor Lord Ashcroft.
The stamp duty cut will cost the Treasury £230m in 2010-11 and £290m in 2011-12 to be funded by the introduction of a new higher stamp duty band of 5% on properties costing more than £1m from April next year.

But the most expensive measure in the Budget, according to BBC economics editor Stephanie Flanders, is the £550m plan to phase in next month's increase in fuel duties. It will rise by 1p in April, followed by a further 1p rise in October and the remainder in January. Duty on beer, wine and spirits will increase as planned from midnight on Sunday, including 10% on cider, with further increases to come on high strength cider. Alcohol duties will also increase by 2% above inflation for two further years from 2013.  Tobacco duty will increase from today by 1% above inflation and then increase by 2% in real terms each year until 2014.  In a series of measures aimed at boosting business, Mr Darling said business rates will be cut for one year from October, meaning a tax reduction for over 500,000 firms in England.  He extended a six month job or training guarantee for under 24-year-olds to March 2012, and announced a one-off £270m fund to create 20,000 extra university places.

Mr Darling said that stronger than expected tax receipts meant that government borrowing would be £167bn this year - £11bn down on the £178bn he predicted in the pre-Budget report in December.

'Right calls'

He said that the debt would continue to fall faster than previously forecast - dropping to £74bn in 2014-15, down £8bn on his earlier prediction.  The chancellor said he was standing by his forecast that the economy would grow by 1 to 1.5% this year although he slightly downgraded his prediction for next year to 3 to 3.5% compared to the 3.5% in the pre-Budget report. His forecast for the following years is unchanged.  He also revealed that the £2bn proceeds of a bank bonus tax was more than three times what the Treasury forecast in his pre-Budget report.

And he unveiled a guarantee to give everyone a basic bank account, giving up to a million more people access to bank accounts over the next five years. Some of the more controversial measures in the Budget may not make it into law before polling day, which could be just six weeks away. But the planned cut in stamp duty would stay in place whoever wins the election, as it is similar to existing Tory policy.

He also outlined plans to boost future economic growth, with billions invested in digital jobs, broadband for all, high-speed rail and biotech industries, using money from existing budgets.

Civil servant strike

If the Conservatives win the election they will produce an "emergency Budget" within 50 days of taking office which could reverse many of Mr Darling's measures. The chancellor did not unveil any new tax increases, with the new 50% top rate of income tax expected to come into force on 1 April. Labour and the Conservatives have clashed over when the government should start reducing spending to tackle the budget deficit, which is among the highest in Europe and is expected to hit about 12.6% of GDP this financial year - well above the EU target of 3%. Last week the European Commission criticised the government's plans to halve the deficit in four years, saying they were not ambitious enough. Meanwhile, the Public and Commercial Services union are staging their first Budget day strike with pickets at key Westminster locations in a row over redundancy pay.  It came as Mr Darling announced plans to speed up relocation of civil servants from London.

FULL STORY CAN BE FOUND AT BBC NEWS

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Launched in November 2006, Gocompare.com is the only insurance comparison site to be accredited by the British Insurance Brokers Association (BIBA). With over 100 insurance companies on its panel, Gocompare.com compares quotes for a range of insurance products, including car, home, motorbike and van insurance.  Our 5 star rating system allows users to rate policies against the level of cover that they require, meaning they can see at a glance which policy is the best match on features as well as on price. Gocompare.com is authorised and regulated by the Financial Services Authority.

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The decision was widely expected by economists, who believe that any rise in the cost of borrowing could damage the UK's fragile economic recovery.

Also as expected, the bank has not pumped any more money into the economy under its quantitative easing (QE) programme - for now at least.

Last month the Bank halted QE, having spent £200bn to boost the economy.

'Mixed picture'

Figures released last week showed that the UK economy grew by 0.3% in the final three months of 2009, compared with an initial estimate of 0.1% growth.

But although the 0.3% growth in the final quarter of 2009 was stronger than previously thought, the Bank believes that continued economic growth is not yet guaranteed.

The October to December period was the first quarter of growth following six consecutive quarters of economic decline - the longest period since comparable figures were first recorded in 1955.

Lee Hopley, chief economist at the EEF engineering employers' group, said the Bank's Monetary Policy Committee (MPC) had little choice given the "mixed economic picture".

"An unchanged position at this point is the right one given the ongoing uncertainty about the strength of the recovery, with the reality that any moves could be on hold for some months to come," he said.

David Kern, chief economist at the British Chambers of Commerce, said it would be wrong to contemplate raising rates.

"Despite the upward revision to GDP in the fourth quarter of last year, the economy remains weak and fragile. Businesses are still under serious pressure and there is no room for complacency," he said.

"Threats of a double-dip recession are unquestionably more serious in the near future than risks of higher inflation,"

Inflationary pressure

Under QE, the Bank has bought assets in order to boost lending to businesses and individuals by commercial banks.

Capital Economics' senior economist Vicky Redwood said that without QE the UK could still be in recession, although the policy has not worked well enough to kick-start a strong recovery.

"We doubt that the £200bn undertaken so far will be enough to ensure a strong and sustained economic recovery. We still think that the MPC will have to take further action."

But the Bank has said that the full effects of QE will take more time to filter through to the economy.

Many analysts argue that banks have not in fact increased lending as the economy begins to recover. Banks in turn argue that businesses are looking to pay down debt rather than take out new loans.

The Bank must also be wary of the inflationary pressure caused by QE.

The latest inflation figures, released last month, showed the annual inflation rate rising by 3.5% in January, the fastest annual pace for 14 months. This compares with 2.9% the previous month.

As a result, the Bank's governor, Mervyn King, had to write a letter to the chancellor explaining why prices were rising so quickly.

A letter from the governor is required if inflation is more than one percentage point above or below the government's 2% target.

However, Mr King said that the rise in inflation was temporary, and was largely the result of the rise in VAT to 17.5% in January.

The government had reduced VAT to 15% to try to boost consumer spending.

THANKS TO BBC NEWS CLICK HERE

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“The launch of the Templeton Robinson app reflects our commitment to driving innovation in what we do, and going above and beyond expectation to meet our customers’ requirements.
The new app will allow consumers to search for homes wherever they are. Whether you’re out and about and spot your dream home for sale or want to identify properties for sale near to where you are, this new app provides you with the newest and most innovative technology to do so.”  
Keith Mitchell, Senior Partner / Director

Download The Templeton Robinson iPhone App

From spring of last year throughout the company we saw a sharp rise in the number of transactions taking place.  In the majority of cases those sales completing were at very realistic market values due to the pricing structure having gone through a downward corrective period of 30/40% over the previous 18 months.  Secondly and as important there was more access and availability to funding from the majority of lenders.  Moving forward it is paramount for the overall recovery long term that this availability to funding continues and in fact increases on a sensible and balanced level. 

The recovery started which one would expect at the lower end of the market with the majority of deals taking place between the £150,000 and £250,000 price bracket.  With Templeton Robinson’s full coverage right through the pricing ranges we were very encouragingly able to see at the latter part of last year the trend of transactions move up through the middle to even the upper end of the price chain.  This was very evident in November and December which inherently is a very quiet time in the market place when business continued on a very positive upward trend which cemented our view as a whole that the market had been suppressed for such a long time and was beginning to get moving again.

Going forward in 2010 we can already see this positive movement continuing.  Although we don’t see prices starting to increase until more than likely next year we are very confident that the number of transactions successfully completing will continue to rise and this is vital for us all and ultimately will lead to the residential sales prices across the board in Northern Ireland starting to lift. 

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