The Residential team at Best Property Services look at monthly sales trends to date, where the shadow of Brexit uncertainty makes itself felt in the Q3.
“The first half of the year started on a very positive note, with the number of homes sold in Newry, Warrenpoint, Rostrevor and surrounding areas increasing by some 25%,” reports Edwina Flynn, Operations Director.
“The number of units sold Jan-Jun was up by 28%, in comparison to 2018 figures with over 70% of properties listed having multiple bidders.
“The majority of houses we listed sold in excess of the guide price and our first half of the year performed well, with a turnover in excess of £ 10m,” Edwina adds.
The residential team report a degree of market uncertainty evident from July and continuing into September.
“There is uncertainty in decision making. In speaking with other agents in Ballynahinch, Banbridge, Castlewellan and Newtownards – this seems to be a common thread," Edwina said.
“That level of uncertainty will continue to be a factor in the market until the Brexit impasse is resolved, as people continue to defer major decisions - particularly financial ones – due to the lack of clarity on the impact in Northern Ireland.
“On a positive note, the rental market is showing strong demand with a shortage of houses to rent. There is a strong demand from first time buyers for new homes, and notably an increase of housing association properties becoming available,” Edwina adds.
With mid-term break almost over, the countdown to Christmas has begun.
“We tend to see a surge of traffic to the website between Christmas and mid-January. People have more free time and often get the opportunity to discuss buying or selling a house with family and friends. It’s an opportunity to reflect and re-evaluate what your family and home needs are for 2020,” Edwina concludes.
The sales team advise that December/January is a good time to list as it can capture the attention of those browsing in their down time. While there is traditionally a greater volume of buyers in Spring, this also means greater competition in terms of other competing sales if you plan to sell your property and buy a new home.
Preparing your property with a view to listing in the final quarter means you have greater exposure around that Christmas/New Year period, giving you better visibility in the marketplace.
If you are considering selling your home or would like some professional advice in preparing your home in advance of a potential sale, book your free property valuation today with the Best Property Services dedicated Residential Team, Tel 028 3026 6811.
About the author:
Edwina has been with Best Property Services since 2004 and as Operations Director she oversees the daily operation of the Residential Sales & Letting department in the company’s Newry headquarters.
Edwina ensures the business continues to focus on providing excellent customer service, excellence in property solutions, full regulatory compliance and best practice.
Some of her key competencies include residential sales and negotiation, business strategy, HR and people management, auditing, IT and Telecoms.
Edwina is a member of Property Mark (NAEA), the Guild of Property Professionals, is a Women in Business member and Women in Business Mentor.