2021 is set to be one of the busiest sales years in over a decade
Sales are brisk. In the year to March 2021, HMRC estimate 2% more property sales completed than in the previous 12 months, even with the enforced closure of the market in spring 2020. Agents report the sales to stock ratio across Northern Ireland is at a record high (RICS). Across Northern Ireland, the annual rate of housing stock turnover is 3%. The most active markets are currently Lisburn and Castlereagh, and Ards and North Down.
Price growth strengthens
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across Northern Ireland is substantially stronger than the 3.9% recorded this time a year ago (UKHPI). Annual price growth currently exceeds 8% in Ards and North Down, and Newry, Mourne and Down.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in Northern Ireland is 45 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Properties for sale in Northern Ireland
Castlerock, Northern Ireland, 4 bedrooms
This impressive semi-detached townhouse is set over three floors and features four bedrooms, three of which have en-suite facilities, four reception rooms, a kitchen with an AGA stove, and an integral garage. The property is situated near Castlerock beach and dates back to circa 1850.
Belfast, Northern Ireland, 5 bedrooms
This property has undergone an extensive renovation to offer a spacious family home combining period character with contemporary living. It is located at one of the most desirable addresses with the location offering ease of access for the city commuter and proximity to the vibrant Lisburn Road and Stranmillis village with its local amenities including restaurants and boutiques. The property lies within the catchment area of a range of the country’s most prestigious schools.
Coleraine, Northern Ireland, 7 bedrooms
Dating back to 1801, Millhouse is steeped in local history and set back from the busy town of Coleraine on a quiet, secluded site. The truly exceptional detached residence comes with an additional detached cottage. Whether you are interested in the cottage as an investment opportunity or for family use, the potential is endless. The main dwelling offers four bedrooms, while the cottage offers three bedrooms. Many fine features ensure that the property will meet the needs of a variety of potential purchasers.
Take advantage of the seller’s market this summer with the best agent in your area. Contact your local Guild Member today.