As we settle into the New Year, Best Property Services have reported a positive close to 2019 with residential figures drawing level with Q4 2018, despite the market being unsettled during Q3.
Following a quiet Q3, sales figures benefitted from a last minute boost in Q4 which left the year end transaction levels looking positive.
Siobhan Philips, Senior Residential Sales & Lettings Negotiator & New Homes Agent explains:
“We found Q3 quieter than previous years due to general uncertainty over the Brexit pathway. The market was fairly stagnant, with buyers unwilling to make major financial decisions - such as buying a new home - in the run up to GB elections. The element of the unknown impacted buyers. With the subsequent landslide Conservative victory we did see a bit of activity, from the ‘wait and see’ buyers which boosted our final year figures.”
In excess of £18 M of residential property passed hands with the majority from resale properties reports Siobhan.
New home sales figures drew level with 2019 as a number of new developments released new phases during 2019.
There is also some booking availability for new homes in Hillcrest Village, McKnight’s Hill, Bessbrook, Woodvale Derrymore Road, Bessbrook and Seafields Warrenpoint schemes. New releases for 2020 include The Oaks, Ashgrove Road, Newry; Forest Hills, Old Warrenpoint Road, Newry and Rathdallan, Well Road, Warrenpoint; and clients are advised to register their interest.
One other notable issue which raised itself a few times for home buyers was lenders varying approach to Euro salary for cross border commuters, Siobhan said.
“Working and living in a border region, many homes have a Euro salary to account for in mortgage applications and this could impact a significant number of potential clients commuting to ROI for work.
What we’d advise anyone who is thinking of purchasing a home, who has a Euro or partial Euro income, is to allow plenty of time for mortgage discussions with your lender to ensure issues with Euro salary don’t delay purchase. We can also provide financial guidance through our Mortgage partners as we have experience dealing with this issue. Our aim is to ensure the purchase of your dream home is a positive experience,” Siobhan adds.
If you would like information on any of the new properties mentioned please contact Siobhan Philips, Best Property Services, tel 028 3026 6811.