Interest Rates Cut to 4.25%

The Bank of England has cut interest rates for the second time this year, lowering the base rate to 4.25% in a move welcomed by the housing industry.This is good news for homebuyers and is expected to provide a boost to market sentiment. The cut is likely to lead to lower mortgage rates over time, offering some relief for existing borrowers and improving affordability for first-time buyers.&nbsp;<blockquote>In a statement, Bank of England Governor Andrew Bailey said:Inflationary pressures have continued to ease so we’ve been able to cut rates again today. The past few weeks have shown how unpredictable the global economy can be. That’s why we need to stick to a gradual and careful approach to further rate cuts. Ensuring low and stable inflation is our top priority.</blockquote>

The Bank of England has cut interest rates for the second time this year, lowering the base rate to 4.25% in a move welcomed by the housing industry.

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Water Funding Squeeze Hits NI Property Sector

Northern Ireland’s Water Funding Pressures and Their Implications for the Property Sector Northern Ireland is the only part of the UK where domestic water charges are not applied and this funding model is under significant pressure. According to the Northern Ireland Fiscal Council, this reliance on government subsidies to fund NI Water may be unsustainable. This has potential implications for property development, particularly given the growing demand for new housing and commercial projects.Funding Model and Infrastructure Needs Currently, NI Water is funded through public expenditure rather than direct billing from households. The Fiscal Council estimates that around £300 million per year is required from the Northern Ireland Executive to keep water services operational. This model has been labelled unsustainable, with a potential funding gap of approximately £1.5 billion by 2028.The lack of direct household billing means NI Water’s financial resources are limited, affecting its ability to invest in essential infrastructure, including sewerage systems required to support new housing and commercial developments.Impact on Property Development Recent reports indicate that wastewater treatment capacity is increasingly acting as a bottleneck for housing projects. Thousands of homes across various towns are currently affected by stalled sewerage connections. This has led to delays in both private and social housing developments.In some cases, these delays have caused developers to redirect planned investments away from Northern Ireland.&nbsp;Planning and Finance Considerations Limited sewage capacity means that planning approvals are often conditional on NI Water’s confirmation that the necessary infrastructure can be delivered. This affects both residential and commercial schemes, as well as the financing of these projects. Funders may now require proof of sewage capacity before agreeing to release funds.Key Considerations for the Property Sector<ul><li>Developers may face delays in planning and construction due to sewage capacity constraints.</li><li>Investment decisions may be affected by infrastructure limitations, leading to potential cost increases and longer project timelines.</li><li>Councils may increasingly attach conditions to planning approvals based on the availability of water and sewerage services.</li></ul> The funding and operational challenges facing NI Water are expected to continue to impact the property sector in Northern Ireland. Property professionals may need to consider these factors carefully in their planning, feasibility studies and stakeholder engagement to mitigate potential delays and additional costs.<hr>References This article draws on data and analysis from the Financial Times, the Northern Ireland Fiscal Council, and relevant planning documents. For further reading, see the Financial Times article: “Northern Ireland faces ‘inescapable’ prospect of charging households for water”.

Northern Ireland’s water funding model faces a crisis, impacting housing, planning and investment. What property professionals need to know.

Propertynews x Action Cancer Partnership

Propertynews announces partnership with Action Cancer to raise awareness and support life-saving services.Propertynews is proud to announce a new charity partnership with Action Cancer with a view to supporting their charity work across all local communities in Northern Ireland. The partnership will see Propertynews work closely with Action Cancer to raise vital funds and awareness for its life-saving cancer detection, prevention and support services.As Northern Ireland’s leading local cancer charity, Action Cancer provides essential services such as digital breast screening, skin cancer detection, support and therapeutic services, M.O.T. health checks and health improvement programmes. With one person diagnosed with cancer every hour in Northern Ireland, the charity’s mission to save lives and support individuals affected by cancer has never been more critical.<img src="https://content-hub.propertypal.com/media/image_1_cbc894fdb5/image_1_cbc894fdb5.png" alt="image-1.png" srcset="https://content-hub.propertypal.com/media/thumbnail_image_1_cbc894fdb5/thumbnail_image_1_cbc894fdb5.png 245w,https://content-hub.propertypal.com/media/small_image_1_cbc894fdb5/small_image_1_cbc894fdb5.png 500w,https://content-hub.propertypal.com/media/medium_image_1_cbc894fdb5/medium_image_1_cbc894fdb5.png 750w,https://content-hub.propertypal.com/media/large_image_1_cbc894fdb5/large_image_1_cbc894fdb5.png 1000w," sizes="100vw">&nbsp;Speaking about the partnership, Emma McNally, COO of PropertyPal Group, said: &nbsp;<blockquote>Within the Propertypal Group, we believe in making a positive impact in the communities we serve through our property search websites Propertynews and PropertyPal. Cancer affects so many people across Northern Ireland and we are honoured to have Propertynews support Action Cancer in their mission to save lives through early detection, prevention and support.Propertynews will be working closely with the charity to raise awareness of their work and also raise much-needed funds to help them continue delivering their vital services to over 20,000 people in Northern Ireland annually. We look forward to engaging with our customers and the wider public to help make a real difference to individuals and families affected by cancer.</blockquote>Douglas King, Head of Fundraising &amp; Communications at Action Cancer, added: &nbsp;<blockquote>We are delighted to welcome Propertynews as our latest charity partner for 2025/26 and beyond. As a business that reaches over 300,000 people in every part of Northern Ireland each month, their support will play a crucial role in helping us raise awareness of our life-saving services &nbsp;as well as our offering of vital support for both those affected by cancer and their families.We are also thrilled to specifically have Propertynews on board as a key sponsor for ‘Paint the Town Pink,’ which is one of our most important annual fundraising campaigns in support of our breast screening service. With the help of Propertynews, we hope to engage even more businesses and members of the public in raising awareness and funds to support our services.</blockquote>&nbsp;

Propertynews partners with Action Cancer to support life-saving detection, prevention and support services across Northern Ireland.

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Interest Rates Cut to 4.25%
Published 08 May 2025

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