BEST PROPERTY SERVICES SENIOR RESIDENTIAL SALES / VALUER AND NEGOTIATOR ADRIAN DORAN TAKES A LOOK AT THE CHANGING PROPERTY TRENDS IN THE GREATER NEWRY AREA.
Society has seen huge upheavals in the last year since the outbreak of Covid 19 with many forced changes to people’s lifestyle and work routines and indeed where they live.
We have noticed huge changes in both the type of client looking to buy and how client’s requirements have changed over the last year. The NI Price Index has reported an annual 5.3% increase from end 2019 to end 2020 and this has certainly continued into 2021 with our office already surpassing £10m in gross residential sales.
Some may wonder when there are huge levels of uncertainty in the general economy why there such a strong demand for people buying property. We think there are two main reasons for this and both are related to the new trends of people working from home.
1. People are Returning Home to Northern Ireland
There has been a noticeable increase in the enquiry levels from clients wanting to return home. This is backed up by the Central Statistics Office who have reported the greatest number of people retuning to the country since 2007 which was peak Celtic Tiger!
Internally we have recently agreed properties to clients returning from London, Dubai, Australia & America. Typically these clients are now in a work position where they do not necessarily need to live in the large cities as their roles allow them to work remotely and they view NI as a much more affordable place to buy, compared to where they are currently, and they are more likely to be able to afford a property that meets all their family requirements.
2. Work From Home & Homeschool
The new working from home and indeed home schooling for children has also made a lot of local buyers consider their own living arrangements, which has led to a noticeable increase in clients wanting to trade up to larger properties with key requirements now being, garages, home offices & large gardens, all of which has also been helped by the recently extended stamp duty holiday.
3. Great Conditions for First Time Buyers
First time buyers are also continuing to be very active with the attraction on continued low mortgage rates and in a lot of instances being able to put down a larger deposit resulting from no holidays or associated leisure spending.
Unfortunately for most buyers the current market is undersupplied and stock levels are currently 30% less than what they would normally be at this time compared to recent years. This undersupply of homes has led to the return of multiple bidding being the norm. In fact 60% of Best Property resales so far in 2021 have had multiple bidders and in most cases have exceeded the guide price.
Looking forward to the rest of 2021, Best Property Services still see the local market being competitive with demand likely to outweigh supply for the foreseeable future.
At Best Property Services we are always enthusiastic to talk to you about all your property needs. If you’d like to discuss this article in more detail or are considering a move in the property market, please feel free to contact us on the details below to arrange an appointment.
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About the Author
ADRIAN DORAN SENIOR RESIDENTIAL SALES / VALUER & NEGOTIATOR
TEL: 028 302 54977
MOB: 078 1074 1796
Adrian has over 20 years' experience in the Newry & Mourne housing market and has been a key member of the Residential team with Best Property Services since 2004.
He specialises in Residential sales and provides market valuation advice on residential properties coming to the market.