NI House Prices – What is Happening?

Everybody is talking about it – what is happening with house prices at the moment?
Could it be due to the extension on the stamp duty holiday? Or perhaps the reintroduction of 5% deposits?
These are definitely top factors, however I’m sure to no one’s surprise, COVID-19 has had a big play in the housing market too.

When the first lockdown began in 2020 the housing market was practically closed between March & June creating a backlog of demand. There was also an increase of people returning to Northern Ireland as the rest of the world was closing. However, not only was the demand for properties building, so was the demand for space.

As working from home became the new normal – properties had to evolve from not only being a home but into an office too. The “race for space” is still very much happening. It seems everybody is searching for that extra space now the separation between home and work is less clear.

With an increase in demand comes an increase in price –

” House prices in Northern Ireland from January to March were 6% higher than the same time last year, according to official figures.

This is the biggest annual rise in prices since 2016.”

BBC

Ulster bank NI chief economist Richard Ramsey comments ‘2021 is undoubtedly a sellers’ market. 2022 is likely to be different when the recessionary painkillers are stopped.’

If you’ve been thinking of selling now is definitely the time!

At Campbell & Co we are delighted to offer free valuations, advice on preparing your property for the market & how to achieve the best possible price.

Don’t wait, visit our website for more information or give us a call at either our Belfast (02890732273) or Lisburn office (02892449449).