Recent press has indicated that the market in Northern Ireland may retain steady momentum this year despite uncertainty around the employment situation post furlough, business recovery particularly within the hospitality sector and the impact of Brexit.
Prior to COVID our market had been experiencing steady growth and commenced 2020 in a relatively healthy position. We experienced a strong uptake in demand in June which continued throughout the year with the Belfast Telegraph reporting the Northern Ireland property price index from Land & Property Services indicating an average increase of 2.4% with the average price at £143,205.
Lenders last year increased deposits which made it more difficult particularly for first time buyers hoping to purchase. However, with a lack of other avenues to spend on such as holidays, some purchasers have continued to save towards their new home as a small number of lenders have started to reduce deposit requirements.
We also experienced a marked increase in the level of purchasers moving from England either returning home or deciding to relocate utilising proceeds from a higher value sale to purchase a larger property or being able to reduce borrowings and indeed in some cases purchase without borrowings due to the price point. The opportunity to continue to work remotely has provided the option to consider a move that would have been discounted previously. This has been reinforced with the draw of good schools, ease of commutability and access to the excellent range of amenities that Northern Ireland has to offer.
If you are considering a move contact our team on 028 25637733 to book a free market appraisal.
Equally, if you are thinking of buying a home contact us and our in house mortgage advisor will be happy to have a chat with you on your funding options and the process involved.
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