The latest Residential Market Survey for Northern Ireland produced by RICS and Ulster Bank confir...
The latest Residential Market Survey for Northern Ireland produced by RICS and Ulster Bank confirms what we at Belvoir Belfast have been seeing on the ground for some time. In most parts of the city the residential property market is recovering well from the prolonged downturn that we’ve experienced since 2008 with a shortage of stock coming onto the market limiting choice for buyers and pushing up the price of those houses on the market in Belfast South.
There has been a definite rise in the level of interest from prospective buyers over the last 12 months and good properties in good locations often attract strong bidding activity from multiple buyers resulting in properties agreeing over their asking price in many cases.
The modest number of properties coming onto the market for sale, particularly at this time of year when traditionally we see a jump in the number of listings, has reduced the choice for buyers. Added to that, the number of new build projects coming to market is also low. This lack of choice has led many buyers to adopt a wait and see strategy where they are choosing to delay buying until there are a greater number of properties to choose from.
Our view is that Northern Ireland is still a nation of property owners and although some will decide owning their property is not for them, many people still aspire to own their home. A rising number of people are more secure in their job, unemployment is falling and mortgages are easier to secure than in recent years. All reasons that have resulted in the rise of good quality buyers eager to secure a property. The good news for property owners who might be considering selling is that in many locations in the city these eager buyers are waiting to bid on the right property.
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The outlook for property investors is also bright. The shortage of stock in the sales market is also being seen in parts of the rental sector with demand from tenants outstripping supply in some parts of Belfast. Those people sitting on the side lines waiting to buy a property are often living in rented accommodation so we are seeing the length of tenancy increasing which further reduces the number of properties coming back on the market to rent. Additionally there is a steady stream of people arriving in Belfast to work which is also putting pressure on stock levels.
With property prices rising returns from investment property have reduced in some parts of Belfast in the last 12-18 months but yields are still quite healthy. Yields in excess of 7% are achievable in many parts of the city, with some areas still showing yields of over 10%.
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There’s no time like the present so if you are thinking of buying, selling, renting or investing now is as good a time as any to get active in the property market. As always doing your research and gathering the best available information will help you make the best possible decisions. Belvoir is always happy to talk property so please get in touch and ask questions to help inform your property decisions. Find the latest properties being sold in Belfast South.