The house prices in east Belfast are rising faster than any other area in Northern Ireland. East Belfast seen an average increase of more than £8,000 over the past year.
That is according to a new report which highlights the most thriving postcodes in the UK’s top 20 cities and also uncovered the zones that are out-performing the rest.
Barclays Mortgages unveiled its first Postcode Property Index which highlights that the BT5 postcode in Belfast witnessed prices increase by 6.6% year-on-year.
This report highlights an increase in the average house price from £123,257 in July 2016 to £131,690 in July 2017 – an cost increase of £8,433.
The figures also highlight that at a time when the housing market appears to be cooling, certain postcodes throughout the UK seem to be going against the trend.
Barclays Northern Ireland’s Graham Bailie illustrates that BT5 has witnessed an increase in house prices that has significantly outperformed that of the wider city for many reasons, including a number of good schools that are close by, affordable housing and its commuter location supported by excellent transport links.
“It’s fascinating to see the individual postcodes where property prices are growing at a very fast pace, particularly in Belfast, where prices in east Belfast are outstripping the city’s overall growth,” he said.
The report proposes that the price growth in this area may be due to an increased number of young families that are moving to this particular location and its village atmosphere with various coffee shops, delis, grocers and butchers ensures that it remains high on the list for buyers.
Director of John Minnis Estate Agents, Chris Kirk, said that properties in east Belfast “are flying at the minute.”
“There’s a shortage of properties, with fewer available, so demand is strong,” he said.
“Buyers are even coming from south Belfast and outside the local area – a few years ago that would never have happened.
“Ballyhackmore and the Belmont Road are cosmopolitan, trendy areas. There’s a buzz about the place and people are keen to live in such areas.”
Ryan Andrews, director of Reeds Rains, said he wasn’t surprised by the report’s findings.
“The schooling in BT4/5 is very good, with primary schools being particularly strong,”
Mr Andrews added: “Also, the east of the city is good value when compared to the south or south-east, and there is an abundance of period or traditional property which people tend to like.
“East Belfast has changed dramatically over the last five to 10 years.
“There are a number of exciting new eateries, shops – the nightlife has come on leaps and bounds.”
Samuel Dickey, partner at Simon Brien Residential, highlights that, while prices have increased “right across Belfast”, BT5 “is particularly popular because of the Ballyhackamore area”.
Mr Dickey added: “There is an abundance of new eateries and the schooling is some of the best in Northern Ireland.
“And it’s not just family homes we’re seeing rises in, it’s investment homes as well.”
Director of Templeton Robinson, Neil Templeton, highlights the “renaissance of local shopping areas in east Belfast” could explain the report’s findings.
He added: “Gilnahirk, Belmont Road and Ballyhackamore have all experienced this, and also have excellent schooling which is attractive to buyers. East Belfast has definitely grown in popularity, with more and more people looking to purchase there.”