DESPITE a turbulent housing market and rising mortgage rates, 2022 saw growing year-on-year demand from buyers and sellers in Newry and Mourne, with property listings increasing by over 40 per cent from the previous period.
New build homes continue to be in high demand, with housing developments proving most popular among buyers.
With offices in Newry, Warrenpoint and Dungannon, the agency accumulated £50 million in property sales in 2022, solidifying the team as industry leaders with insight into key property trends, to help provide expert, real-time advice to home buyers and sellers alike.
Based on the business’ own sales data last year, it identified popular locations for residential property sales, such as Forest Hills and Knockdarragh in Newry, and the newly completed Hillcrest Village in Bessbrook.
In response to market demand, Best Property Services further reported an average increase of 13 per cent in house prices across detached, semi-detached and terraced homes, while apartment prices dropped over 13 per cent, costing on average £132,083.
Director, Kyle Best said: “2022 was an interesting, and at times challenging, year for the property market in Northern Ireland. With rising interest rates, international conflicts and our first glimpses of post-pandemic life, we saw shifts in buying and selling behaviours that will likely continue into the new year.”
Looking ahead to 2023, he highlighted some expected key trends in the coming year, and said continued demand for new build homes, matched with lack of available sites and increased building costs, could see a short supply of these types of properties and average house prices remaining high in 2023.
“As a direct result of the conflict in Ukraine, buyers are also increasingly on the hunt for energy efficient homes that will reduce their heating bills, paying particular attention to the Energy Performance Certificate (EPC) that is provided with each listing.
“Following the pandemic, there has also been a rising demand for homes that are close to green spaces, such as forest parks and hiking trails. Areas such as Rostrevor, Killowen and Killeavy are therefore expected to remain popular among buyers this year.”
Best Property Services is a fifth-generation family business with 130 years of industry experience across land, commercial and residential property sales in the north.