The housing market in London is finding a peaceful resting spot through healthy recovery, but some areas outside London have not been so elastic.  One of those areas to recover a bit slower is Northern Ireland.  Recently, the Bank of England leader, Mark Carney, made comments on the area and laid out blueprints on the type of strategy which will expedite recovery especially in the housing market there.

Carney placed emphasis on the monitoring of data and reacting to it in regard to the increase in interest rates. He commented on this aspect of recovery in particular, saying: "We don't know. The short answer is that the guidance we are giving to households and businesses... is that because of the variety of big forces that are acting on our economy – heavily indebted households, governments that are consolidating debt, a weak export partner in Europe, the strength of the currency, changes to the financial system, and all the big forces that are here today and will remain in the immediate term – the appropriate path for interest rates is likely to be limited increases in interest rates at a gradual pace.”

He continued, saying: "The exact timing of the start of that process will be determined by the evolution of the economy and we will be watching the data closely."

Northern Ireland housing prices took a serious dive in 2008, falling more than 55% on prices up to 2007.

Carney commented on the situation in N.I., saying: "We calibrated them (the measures) intentionally to ensure that markets such as Northern Ireland and similar markets across the UK can continue their recovery.

"It's not just a question of prices. And by the way, we don't focus on prices but levels of activity and how many homes are built and how many people move and the risks associated with indebtedness around that.

"The way we set these measures is for responsible lending and there is responsible lending now in Northern Ireland and there's room for that lending to grow.”

He added: "Obviously having lived through the terrible experience of the last few years what we all want to avoid is a market that grows with a very rapid rise in debt."