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Belfast Telegraph

Hopes for increases in house prices buoy consumers on both sides of Irish border: report

But there are also concerns about the impact which tariffs and cost of living pressures might have on finances between now and 2030, the Credit Union Consumer Sentiment Survey found. In both Northern Ireland and the Republic, just under 40% of people expect the economy to be weaker in five years time, while just under 30% expect it to be stronger. Overall, consumers in the south had grown more downbeat about the medium term, while NI consumers were slightly less pessimistic. However, Northern Ireland consumers tended to be more pessimistic about the outlook for the jobs market. But in NI, the numbers who were positive about improvements in their household incomes by 2030 did outweigh those who were expecting incomes to drop. And expectations of improved household incomes seemed to be prompted by 'very pronounced' views that house prices would be higher in 2030 than they are now. The survey was commissioned by the Irish League of Credit Unions (ILCU) in partnership with Core Research. Economist Austin Hughes, who wrote the report based on the survey, said: 'With the threat of a trade war highlighting common global concerns and improving domestic activity and incomes of late giving some shared sense of more positive developments, the sentiment survey suggests there are good grounds for more similarities than differences in the views of consumers in the Republic of Ireland and Northern Ireland on their economic and financial circumstances.' David Malone, chief executive of the ILCU, added: While consumers in both the Republic of Ireland and Northern Ireland are understandably concerned about a troubling global economic outlook, the expectation of a modest improvement of incomes and higher house prices suggests many consumers see a future of opportunity as well as challenge.' The research has been released as the All-Island Credit Union Sector Conference takes place on Friday at the ICC in Belfast. The conference will host over 500 credit union leaders.