North Belfast house prices are good value for buyers.
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.
Average House Price Now £136,105
High demand for all types of properties is causing rising prices in this area
The north of the city has seen some of the biggest rises in property values, second only to east Belfast. This part of the city is experiencing demand across every house type, which is reflected by the rising prices. An average home cost £125,819 in Q2 of 2020 and in the same period this year rose to £136,105.
Expert Market Opinion
Colin Graham of Colin Graham Residential on the Antrim Road says the area is experiencing the same issues with supply and demand as most other parts of Northern Ireland.
He thinks the affordable prices in North Belfast is driving the market, despite the rises, making property in this part of the city good value for money.
Sought-after areas like Lansdowne Road are seeing many homeowners downsize after the lockdown. This is freeing up detached houses for those wanting to move up the property ladder.
First-time buyers are also snapping up semi-detached houses, which tend to be older stock in an area where there are few new developments.
Market Analysis
Colin says: “There is demand for property across the board and this is squeezing prices. The better areas around the Antrim Road are the most popular.
“Cavehill, Lansdowne and Waterloo, where there are a lot of detached houses, are so popular there is a lack of supply.
“We have people from there downsizing because they realised during lockdown their homes were too big. Then we have also people wanting to buy there because they want extra space.
“We have young families within the area moving to larger houses as well as people from outside wanting to buy.
“Bidding wars are now common and a house selling at its market value has become a worst-case scenario.”
The Antrim Road. boasting landmarks like Belfast Castle, Cavehill and Belfast Zoo, is renowned for its beautiful, detached period properties.
Elegant period terraced houses are also popular in this part of the city, many offering generous space.
You can pick one up for as little as £79,302 for a two-bed or £123,516 for a four-bed.
Apartments too are amazing value with an average price of £89,950. And a semi will set you back anything from £90,866 for a two-bed to £265,800 for a four-bed.
Colin says: “The first-time buyer market is very strong and there is a good appetite among young people for three-bedroom semis. Most of it is resale stock as we don’t have any new developments.
“Because the average price of a property in north Belfast is lower than other parts of the city is driving the market. I hope it can be sustained and hopefully because prices are still great value of money, it will continue for the foreseeable future.”
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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.
