Northern Irish House Price News: According to the latest RICS and Ulster Bank Residential ...
Northern Irish House Price News:
According to the latest RICS and Ulster Bank Residential market survey, ‘Northern Irish house prices are predicted to rise by 11% this year’. Over the summer period we have noticed a limited supply in the housing market pushing house prices higher as new buyers are coming into the market at a stronger rate than new properties available to sell. We are experiencing more instructions in Autumn which should help balance out limited housing supply and growing demand from first time buyers, investors and homebuyers.
Improved mortgage availability:
Chartered Surveyors have noticed an ‘upturn in demand from buyers for properties since spring of this year’. The Bank of England has indicated mortgage approvals are at an eighteen month high. The availability of mortgage finance seems to be improving with first time buyers seeing relaxed credit conditions. With this improved affordability and the ongoing lack of new instructions, this has resulted in growing demand for properties and rising house prices. The imbalance of supply and demand may help contribute to NI house price rises in the remainder of 2015.
Sell, buy or rent with Belvoir!
Selling and buying property can be an expensive and time consuming activity which relies heavily on excellent communication, good management and experienced professionals to help it go smoothly. The vast majority of people simply do not have the time or resources needed to sell a property, which is where an estate agent comes in. Choosing the right estate agent is crucial for the successful sale of your property. Belvoir Lisburn offers a service buying, selling or renting properties.
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With our experience and award winning practice, we use our market knowledge and experience in the Northern Irish property market to provide an effective and efficient service. If you are interested in talking over a valuation for the sale or rental of your own property, contact Belvoir Estate Agents for a Free Valuation today: 02892 679020 www.belvoir.co.uk/Lisburn
Why instruct Belvoir Lisburn?
We utilise our unique prominently based office and our highly experienced staff to bring you the best selling & letting experience. We not only use the property news and property pal portals but are constantly looking at new and innovative ways of attracting buyers and tenants alike.Belvoir Lisburn hosts a distinctive brand and highly motivated staff, who work hard to agree at a price and pace that suit our clients’ needs.
Impact on pressure in the BTL market
Belvoir’s Q2 rental index confirms nominal rental rises in many areas of the country, but 12 counties across the UK have yet to recover to the highs of 2008 and offices across the country are reporting that lack of supply is putting increased pressure on the rental market.
“The Belvoir quarterly rental index, which is prepared by property analyst Kate Faulkner, has picked up rises in rents in most places across the country since Q4 2014, but contrary to media reports these are far from extortionate, or spiralling out of control,” says Dorian Gonsalves, Belvoir’s Director of Commercial and Franchising.
“Belvoir’s trends are very much inline with the Office of National Statistics (ONS) private rental index. In November 2014, the ONS reported that growth in average pay for UK workers overtook inflation for the first time in five years. Therefore any rental increases that have been seen since late 2014 need to be put into context, as rents have hardly increased across most regions since our index started in 2008.
“Belvoir has 190 offices and franchise owners have reported varying trends across the country. For example, in Dundee most average monthly rents were static or even 2% down on average across the area and properties in Q2, but there was an increase in Buy to Let (BTL) enquiries.
“Over in Lisburn rentals for the summer months were busier than ever, and from a tenant perspective apartments are the most popular, but there is a real shortage of good quality three and four bedroom houses.