House prices in County Armagh are set for a spike in activity
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 Armagh.
Average House Price Now £158,917
Cautious sellers in the County Armagh market has resulted in modest increases in property values.
Estate agents in Co Armagh are expecting another spike in activity now that the majority of people in NI have been vaccinated.
A cautious section of the community has chosen to wait until it’s safe for people to view their homes before selling.
This in some part explains why Armagh has seen minimal increases in property values year on year.
Overall prices rose by just 2.23% putting the average cost of a home here at £158,917.
Bucking the trend too for rural property increases, Armagh saw more significant price gains in urban areas.
During April to June last year, local agent Garry Best of Best Property Services said sales were down by 55% due to lockdown.
However, by the end of the year, business had surpassed 2019 figures and this demand continued into the second quarter of 2021.
He has predicted that activity is set to escalate again: “Now that the vaccinations are nearly complete, we are finding homeowners are more relaxed about putting their property on the market and allowing people to come and view it,” he says.
“Many have been waiting to sell for 18 months and now that they feel it is safer, they want to move, so we expect more supply to come on in the next few months.
“This greater supply of second-hand houses should cool the market down a bit in terms of prices.”
Market Analysis of house prices in County Armagh
The county, including Craigavon where house prices have been traditionally low, saw gains in values in rural areas of 4.97%. However, urban properties increased in value by 6.88%
Garry Best found these figures surprising. His experience has been that most people in Armagh moving house have been looking for extra space in the countryside.
He says: “A significant number of people a house with some land so that they have more outdoor space.
“People working from home also want more space and privacy, so homes in rural areas have been selling very well.”
This is evident in the value of detached houses which saw the biggest increase of 3.75% from £203,748 to £211,380.
Unlike most other parts of NI, semi-detached properties experienced a slight rise of 0.89% to an average price of £146,330.
Garry adds: “There aren’t a significant number of new developments in the county. So most people are actually opting to stay where they are and renovate and extend.
“The better value in urban areas also appeals to people and some towns in the country are proving very popular, in particular Markethill, Richhill and Hamiltonsbawn.”
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For more details on this survey go to Propertynews & Belfasttelegraph.co.uk
The full results will also be published in a 12 page section in the Belfast Telegraph on Saturday 21st August.