Find out why County Londonderry is now the place to buy in NI
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 Londonderry.
Average House Price Now £203,680
Every type of in this northwest county experienced significant increase
County Londonderry is now the second most expensive place to buy a house in Northern Ireland.
Property values soared above most other parts of NI with an overall increase of 23.66%. This pushed the average price of house up to £203,680.
Rural properties in Derry also rose more than anywhere else with a 15.52% leap in value.
Every property type in the county saw an increase, with apartments and townhouses performing particularly well.
Dan Henry of R Benson & Son Estate Agents says a combination of several new apartment complexes and people relocating from England have been the main drivers.
“People with connections to the area, who can now work from home, are attracted to the rural areas close to our big towns,” he says.
“Many are coming from the south of England where they are freeing up equity and can afford to buy houses of a substantial size here.
“These tend to be large properties built in the last 10-15 years.
“They are the types of properties which before Covid would have been beyond the reach of the local audience.
“Most are modern in scale and size and would be sitting on large plots outside main towns like Coleraine, Limavady and Castlerock.”
Dan believes the rise of 17.56% in the price of apartments is due to a change in approach by builders.
Spacious new developments and better-quality finishes aimed at the retirement market in Coleraine and Derry city have proved particularly popular.
Dan explains: “New apartment developments are being built a little bit bigger and with lifts.
“They are within walking distance of the town and this and the higher quality is attracting a retirement audience.
“Instead of the high density, small and affordably priced apartments of the past which would have appealed to investors, this is a new model offering around 1,100 sq. ft as opposed to around 700 sq. ft.”
Two new developments in particular in Coleraine on the Mountsandel Road have been attracting downsizer retirees and fetching prices of between £145,000 and £200,000.
Market Analysis of house prices in County Londonderry
The resale market in Londonderry has remained pretty stagnant due to concerns over Covid.
This has impacted on supply, “People didn’t want the upheaval in the middle of a pandemic, or they don’t want people in viewing their properties. Because of this we have had a lot of movement with new builds.
“New builds have been very popular with first time buyers who have been able to gather up deposits during the pandemic. This and people moving back from England has combined to put prices up. But properties right across Londonderry are still very affordable.”
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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.