The frenzy of the Northern Ireland property market is expected to continue well past the stamp duty holiday deadline



Leading estate agents have said the Northern Ireland property market remains hot as more people seek to make the move after the foreclosure.

Average house prices in Northern Ireland have climbed 9% in the past year.

Land & Property Services last month’s house price index showed that the average price here rose just under 3% between the first and second quarters of the year.

The Northern Ireland housing market was effectively suspended between March and June 2020 due to the foreclosure, which caused demand to build up.

One consequence is that people are now choosing to move to bigger homes after spending so long confined indoors.

The trend of working from home has also encouraged house hunters to move further afield without having to worry about commuting to the office.

The stamp duty holiday will end at the end of September after being introduced at the height of the pandemic to protect the real estate market from the collapse.

Initially, the tax break applied to homes in Northern Ireland worth up to £ 500,000, but this ended on July 1.

Buyers are still not eligible for any stamp duty on the first £ 250,000 of any primary residential property in Northern Ireland until the end of this month.

As stamp duty thresholds return to normal levels from October 1, real estate agent Tiffany Brien, associate partner at Simon Brien Residential, expects the market to remain hot long after that deadline.

“We have a lot more reviews in the newspaper so there are definitely a lot more people looking to enter the market,” Ms Brien told Belfast Live.

“Normally at this time of year, as we head into winter, it’s usually not as busy as the summer months. So we don’t see a slowdown at all, but rather an upturn. , which is great.

“There is now a rush to get contracts that were made eight weeks ago for the end of this month. The stamp duty holiday was not the only thing that drove the market, but it certainly has helped. As we saw in March, June and now September, all of those people who were on the wire are now hoping to meet the deadline. “

The average price of a house in Northern Ireland now stands at £ 153,449.

It ranges from £ 134,091 in Armagh City, Banbridge and Craigavon ​​Borough Council area to a high of £ 180,067 in Lisburn and Castlereagh.

Causeway Coast and Glens was the area with the biggest annual price increase, up almost 17% to an average of £ 171,442.

Ms Brien said consumer confidence remained high and buyers continued to benefit from ultra-low mortgage rates.

“The market is strong and healthy with a lot of buyers, but the main problem has been the lack of stock. With more buyers than homes, when a property is put on the market there is immediate interest.” , she added.

Art O’Hagan of CPS Property

Elsewhere, CPS Property Managing Director Art O’Hagan has said more and more people are choosing to return to Northern Ireland from abroad for a variety of reasons.

“We have a lot of properties coming into the market and a lot of genuine buyers. I don’t think the market is overheating because the banks keep lending and people put in bigger deposits,” Mr. O ‘said. Hagan.

“People come back here from cities like Liverpool and Manchester for the quality of life, to be closer to family support, good schools and the benefit of being able to work from home.

“For example, I had a couple who recently returned from Edinburgh to Co Tyrone, selling their apartment there for £ 600,000 and buying a six-bedroom detached house outside Dungannon for £ 435,000. Their fashion life has certainly changed for the better, ”he added. .


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