The Q1 Review for Dungannon and south Tyrone has many positive news points with a steady demand for new build properties continuing and an increase in supply of new properties coming onto the market coinciding with the approach of Spring – commonly the busiest listing period for agents.
The latest house price survey showed only a small percentage change in the average house price listed in NI (1.6%) with the average house price sitting at £146,500. However, based upon sales figures from Best Property Mid Ulster office, they are showing an increase of some +7% over the 12 months to April 19.
Conor Mallon of Best Property Services Dungannon base, cites a continuing demand for residential development sites which “highlights the need for more housing in Dungannon Town and surrounding area.”
Conor says: “Even larger (4+ bedroom homes) which had been a little slower during 2017 have gradually been more active through 2018 and we’re seeing that trend continue into Q1 2019 which is very positive.”
One notable figure is the number of new home purchasers utilising the Co Ownership scheme which operates exclusively in Northern Ireland – close to 50% of our new home sales in Q1 were Co Ownership partners.
“Co Ownership is a shared ownership plan for those who wish to own their own home but can’t quite afford it. Part of the property is bought with the remaining share being bought by the Co Ownership Housing Association,” Conor explains.
The appeal for people wanting to get into property ownership is that they can share the purchase cost and, in a process known as ‘staircasing’, they can buy out Co Ownership at a later stage if they wish to, should their financial situation change over time.
“You buy the share that you can afford – somewhere between 50-90% and Co Ownership cover the rest,” Conor adds.
Co-Own is open for applications for both new build or purchase of an existing property within Northern Ireland. The maximum price that can be considered is capped at £165,000 – but each applicant will be assessed on application based on their personal financial situation.
Looking towards the industrial, commercial market in the South Tyrone area, Conor says there are an active number of enquiries particularly for Commercial units which is a reflection of the large number of small businesses in Mid Ulster region.
“In terms of Retail Development, activity on Town centre properties is somewhat slower mirroring the repurposing of many town centres in Market towns and the rise of out of town development.
“The most common type of enquiries are for Food use/ Hair, Beauty and Healthcare premises,” Conor concludes.
For more information contact Best Property Services, Circular Road, Dungannon, tel 028 877 22663.