As we reach the end of January and settle into the New Year we take a look at the property market expectations for 2022 and review 2021 trends.
Despite the major ‘tremor’ caused by the pandemic during 2020/21, the property market defied expectations last year, yielding significant growth in resale and new home properties alike. A recap on our figures shows Best Property Sales achieved sale figures in excess of £30m for properties sold/sold subject to contract.
“We feel the growth is coming from two sectors – and is supported by stamp duty holidays and low interest rates,” explains Siobhan Phillips Senior Residential Sales Negotiator with Best Property Services Newry branch.
“In the last 18 months we have had a flurry of activity both from an influx of international buyers wanting to ‘move home’ to Northern Ireland as well the ‘new era’ of working from home fuelling demand. There’s a growing demand for resale of properties particularly those that provide the ‘holy grail’ which is room for a home office and attractive garden space,” Siobhan said.
Buyers had the added benefit of the stamp duty holiday period and low interest rates, which ultimately resulted in transactions considerably higher in the first three quarters of 2021 compared to the previous year.
In terms of new developments, Bests have successfully completed sales for all new homes in Rathdallan, Well Road, Warrenpoint, Forest Hills, Old Warrenpoint Road, Newry. “We also sold a new apartment development consisting of 10 apartments at Ballybot Close, Newry and The Oaks, Ashgrove Road, Newry at the close of 2021,” Siobhan adds.
The market reluctance of 2020, certainly dissipated during 2021 and buyers and sellers were ready to do business – be that in person, online or video link up.
Most notably property values have accelerated significantly during 2021 and have now surpassed precovid levels.
Siobhan explains: “We had the highest transaction levels we’ve seen in some years and house prices have surged by 13% to an average of £175,000 - £180,000 for example based on a 3 bedroom semi-detached in the Greater Newry area.
“Looking forward to 2022 additional phases of new development properties will be released for Hillcrest Village, Bessbrook and we have a new development in Eden Avenue, Jonesboro - consisting of 3 bedroom detached and semi-detached houses - being released shortly. We’d urge interested buyers to register early.”
Earlier this year Best Property added a new office base in Warrenpoint to their network which includes Newry and Dungannon by acquiring Eoin Lawless Estate Agents.
Demand for properties is strong in the area and one of the issues faced - which will rule market trends in 2022 - is lack of stock.
Olivia Best, Residential Advisor (Warrenpoint office) explains: “Properties in both Warrenpoint and Rostrevor have proven to be in high demand, even more so in recent times. The market here has been busy with the majority of properties being sold on or above the asking price.
“Any home owner who is considering a change or downsizing, we’d urge them to get in touch now as we have a list of pre-qualified buyers. Please contact the office in Newry or Warrenpoint, for advice, to arrange a free market appraisal.”