North coast still hits spot for holidaymakers
The statistics in this report were supplied by Ulster University House Price Index in partnership with Propertynews.com, the Progressive Building Society and the Northern Ireland Housing Executive on a quarterly basis. The report compares sales activity from April to June 2021 with the same period last year. Read more about house prices in County Antrim.
Average House Price Now £179,088
Due to its prime location, the area has experienced one of the highest quarterly price growths across NI
A buoyant holiday home market has increased prices in Co Antrim, particularly around the scenic north coast.
The county, had one of the highest quarterly growths in prices of 13.87%.
Every house type had an increase in value with the average price of a home rising from £157,273 in Q2 of 2020 to £179,088 in the same period this year.
Like many other parts of the province, demand from buyers is so high that supply has become an issue, leading to bidding wars on properties new to the market.
Contrary to most other parts of Northern Ireland, urban property rose more steeply than in rural areas.
In fact, Co Antrim had the largest rise in urban property values of 13.73%.
Expert Market Opinion in County Antrim
Craig Wallace, a director of Philip Tweedie & Co estate agents, believes this figure accounts for the large number of local people buying a holiday home on or near the north coast.
“We had a few people who sold up in England and Scotland who were moving back because of remote working but not nearly as many as we expected,” he says.
“The bulk of the market in Antrim has been local people buying a second home or holiday home.
“People have had a general reshuffle of their lives because of Covid and with travel restrictions it has made them appreciate what is on their doorstep.
“Beyond that we have people with existing holiday homes who, because of flexible working, want to spend more time up here and they are upgrading maybe from an apartment to something bigger and using it more as a second home than just for holidays.
“Most of these people want to be in towns where they are within walking distance of all the local facilities which might explain why prices in urban areas have risen so much.”
Craig says activity has been up right across all towns in the county as well as the coastal regions, as more first-time buyers take advantage of the cheaper mortgages and locals upsize for more space.
Market Analysis of House Prices in County Antrim
“Holiday homeowners who would have naturally sold up in the last 18 months have decided not to and instead are making the most of what they have for now,” says Craig. “Supply is down because people are sitting tight because they are uncertain about what their future plans will be.”
Properties which do come onto the market are selling within days at well over the asking price.
Philip Tweedie recently put a two-bedroom apartment in Portstewart up for £139,500. It sold within five days for £153,000. An identical apartment in the same development sold a year ago for £137,000. Demand is the same in every price range.
Craig adds: “From small terraces and apartments up to £1m homes, everything is selling quickly, and we have inquiries within hours of them going on the market. So many have different checklists that anything going on the market is selling fast.”
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The full results will also be published in a 12 page section in the Belfast Telegraph on Saturday 21st August.