Housing market takes off after lockdown
ESTATE agents in Northern Ireland have reported bumper sales and record viewing numbers since the housing market here reopened last month.
While business came to a standstill during the height of the lockdown, since June 15 buyer demand has soared thanks to those wanting to trade up or down after a three-month shutdown.
The market reopened to a new era of socially distanced viewings and uncertainty about the impact of an economic recession.
New working practices have included individual viewings in 15 minute slots with wiping down of touch points in between them, and valuations carried out using PPE.
With remote working from home set to remain the norm for the foreseeable future, estate agents are experiencing a huge demand for homes with enough room to create an office and additional garden space.
Tiffany Brien, associate director of Simon Brien estate agents, said the demand is right across the market in terms of both geographical spread and price bands.
“During the lockdown, there was a phenomenal level of enquiries coming through via web enquiries and following on from virtual viewings — an area where we have invested in and which is being very well received by house buyers — particularly with new homes,” she said.
“It is evident that many people made the decision that their house/apartment/garden was too small or maybe too large and many made the decision that they want to move post-lockdown, hence the pent up demand.
“In the first three weeks of opening since lockdown, we have agreed 150 houses for sale, which would be one of our busiest periods in the past two years.
“There are also a lot of requests for valuations which again is positive as many people want to get their houses on the market in order to prepare for a move, so it is likely that there will be more choice for house buyers.
“Interest rates are likely to be low for a considerable period so buyers will be able to avail of favourable two and five year mortgage products.
“In addition, more lenders are now returning to the market with 90% mortgage products.”
Tiffany added that the recent announcement by Chancellor Rishi Sunak of a stamp duty holiday up to £500,000 will be a massive boost for house buyers with a saving of £15,000 on a £500,000 purchase.
It is a similar story for Art O’hagan of Armagh-based estate agency CPS who has had “a very buoyant four weeks”.
“We’ve seen lots of sales and genuine buyers looking to move so the pent up demand has certainly been there,” he said.
“Anything we have with larger gardens, semi-rural locations and improved wifi quality for those continuing to work from home has got between five and ten percent above market value.
“We have had 92 sales agreed to date and over 100 viewings in the diary for this coming week.” communications cupboard”.
Another feature is a “walk-in heated linen store with adjoining linen cupboard”.
“It’s built on rock — that’s where the name came from,” added the owner.
“It was originally built as a hunting lodge for Viscount Bangor (because it was the halfway point between Bangor Castle and Castle Ward) and then converted into a cottage around the 1850s.”