Northern Ireland's social housing authority has insisted it must 'live within its means' during the ongoing financial crisis, after a projected fall in the value of assets earmarked for sale.

The Housing Executive has insisted the revenue generated from house sales could fall dramatically, with a mere 50 sales of social homes estimated for this year, compared to over 2,000 sold two years ago.

A spokesperson for NIHE said "Last year’s collapse of the housing market and credit crunch has had a major impact on the Housing Executive’s budget and affected the delivery of housing programmes.

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"The potential value of Housing Executive assets earmarked for sale has fallen sharply."

The Executive said it would be working closely with the Department for Social Development to keep vital housing schemes on track.

"Efforts have been made to bridge the gap in capital receipts," said the spokesperson.

"In fact, over the year, our projected shortfall has been reduced from some £65m to £35m.

"However, faced with the collapse of land and property values and the consequent reduction in Housing Executive receipts, we as a Public Body, have to continue to live within our means," he added.

The Housing Executive said it is urgently reviewing all its programmes of work including new build, private sector grants, and its improvements and repairs services.

"This review will be completed by early January. As it stands, people in urgent need of housing and people who need better housing will have to wait longer than the Housing Executive would have anticipated," said the spokesperson.

Two years ago the Housing Executive sold 2,201 homes, generating an income of more than £100m. This year the number of house sales will be closer to fifty, according to estimates.

(PR/KMcA)