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Posted on: Thursday, February 25, 2021
At 2.4%, average annual price growth in Northern Ireland is lower than the UK average. However, prices have risen marginally quarter on quarter since the final quarter of 2019. Across Ards & North Down and Derry City & Strabane, growth is currently above 4%. Prices across three areas of Northern Ireland are currently above £150,000, Lisburn and Castlereagh currently the most expensive district in which to purchase property.
At £143,205 the average price of a property in Northern Ireland is nearly £3,000 more expensive than a year ago and activity across the market is robust. On average just 3% of private properties sell each year; turnover in five areas currently exceeds 3%. Over 2,800 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
"The North Coast area of Northern Ireland has traditionally had a strong local and second home market. Throughout the pandemic the appeal of the area has undoubtedly been enhanced with a significant number of people wishing to return and settle in the area. Demand continues to increase and with supply unable to keep pace, there continues to be an upward trend in prices."
This detached family home occupies an idyllic elevated position with fantastic views across rolling countryside. Internally, the property has been well-maintained and offers ample family accommodation with three reception rooms and five double bedrooms, including a main bedroom with an en suite. Externally, the generous gardens are laid in lawns with a raised timber decked area, ideal for barbecuing and summer entertaining.
Built in 2003, this detached property occupies an elevated site surrounded by lawned gardens with a decking area and countryside views. The accommodation comprises a lounge featuring a marble surround fireplace, an open-plan kitchen, living and dining room with access to a sunroom, a family bathroom and four bedrooms including a principal bedroom with an en-suite shower and a dressing room.
Marlagh Lodge is currently one of Ballymena’s finest B&B country houses, cited as "County Antrim's best kept secret”. The property comprises five bedrooms, five reception rooms, beautiful gardens and spacious outbuildings with endless potential.
If you want independent guidance on moving home or are looking for the best agent in your area, find your local Guild Member today.
