Happy New Year

As we look towards 2020, I wonder what changes we might see in the NI property market.

Property availability will certainly have a major bearing in “jump starting” the new year. The last quarter of 2018 will be remembered for low levels of property stock coming to the market, both for sale and to let. Low stock levels mean reduced property transactions and so we can expect to see lower transactions reported in quarter 4 results once published in the NI House Price Index.

Brexit is believed to be part of the reason for low levels of stock coming to the market in recent months. Certainly, there are people holding off on their property decisions until there is more clarity on the outcome of the UK leaving the EU. Given it appears the UK will exit on 31st January 2020,

it would be fair to expect an increased level of consumer confidence assuming a smooth exit. It is the lack of confidence that has had a slowing effect on the property market.

Assuming a smooth exit from the EU, we believe the property market will benefit, both in terms of property stock coming to the market and increased level of demand. Both of these factors are required in order for property transactions to increase.

Every year brings a new wave of buyers and 2020 should be no different. We would predict greater demand from Investors and first time buyers during 2020. Hopefully there will be sufficient housing stock to meet this demand.

Campbell & Co Estate Agents operate offices in Belfast & Lisburn, offering a comprehensive service covering property sales, property rentals, property management and Investor services.

Property refurbishments ahead of selling or renting are also a key part of the service.

Look out for our First Time Buyers guide coming soon.

Happy New Year – Happy New Property.