The continued rise of property prices in Northern Ireland is a positive sign not just for homeowners, but for the economy in general. A buoyant housing market is a good indicator of how NI PLC is performing, and as we move out of the winter months and into Spring it’s traditionally a time of strong activity for buying and selling property.
Despite the political hurdles, we face at a global and national level, there is continued momentum as the year progresses with prices edging upwards and reasonable demand evident, according to the latest Royal Institute of Chartered Surveyors House Price Survey.
But as always demand is continuing to outstrip supply, providing a challenging backdrop to market activity. Reports by Northern Ireland Statistics and Research Agency and Royal Institute of Chartered Surveyors say house prices continue to increase, but with the limited availability of properties to the market, now is the optimum time for vendors to act and capitalise on both the demand and favourable conditions to maximise sales opportunities.
Each of Templeton Robinson’s five regional offices
are reporting solid activity across all property types, with the market up to£400,000 performing well and some records being set. Our Ballyhackamore team managed a chain of seven properties which were all completed to the agreement of each of the vendors and purchasers. While it doesn’t always happen like that, it’s a good indicator of the willingness of all parties to keep the process going.
According to the Council of Mortgage Lenders, lending is holding up well, but under the surface buyers face mixed fortunes.First-time buyers and customers who are remortgaging are driving total lending, while the home movers and buy-to-let market still face challenges with fewer properties coming onto the market.We traditionally see a significant upsurge or properties becoming available as the year progresses which in turn generates increased market activity. While there have been challenges, 2017 is off to a steady start and we look forward to facilitating increased transactions as the year progresses.Read more in our latest edition of Property Life