South Belfast continues to be a popular place to buy
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 south Belfast.
Average House Price Now £262,787
The market in the affluent Malone area is being driven by buyers looking to downsize.
With only marginal price increases, the Malone Road area has also been attracting people ready to move up the ladder.
The average cost of a house in the area rose by just 2% from the second quarter last year from £257,643 to £262,787.
Detached properties however went up by 4.11% from an average of £388,597 to £404,562.
Expert Market Opinion
According to Beth Robinson, senior partner with Templeton Robinson Estate Agents, the demand for detached homes has seen the most activity in South Belfast.
Beth says: “These new figures confirm to me that Northern Ireland is still fantastic value for money compared to anywhere else in the UK.
“Since the boom bust, house prices here are still 10 years behind where they should be, so we are offering great value.
“Activity has been huge, but prices have not gone through the roof.
“We are seeing more people move back here from England because they don’t have to commute for work. And because of the better schooling and they are expecting to get good value for money.
“Most of these people are looking for properties in the £250,000 – £600,000 price range. Also have downsizers flooding the marketplace as well, there is a huge shortage of this type of house.”
Market Analysis of House Prices in South Belfast
Like elsewhere the lack of availability of houses is generating a huge amount of interest in those that do come on the market resulting in bidding wars pushing prices up.
A recent three bed detached house in Dorchester Park off the Malone Road went on the market for £485,000 and after 23 viewings in 10 days, sold for £545,000 – a whopping £60,000 over the asking price!
A year ago, a bigger four-bedroom house in the same street valued at £520,000 went for £525,000.
The value of terrace houses and townhouses in south Belfast actually dipped by 0.02% to £174,277 in the second quarter of this year.
Beth believes it is because most first-time buyers and young families are now attracted to the vibrant offering of East Belfast.
She says: “Young couples buying their first and second houses are going to East Belfast the market very buoyant. They are attracted by the buzz of Ballyhackamore and all its shops and restaurants.
“I think South Belfast has always been a bit too expensive for many first-time buyers.
“East Belfast would have a bigger selection of more affordable properties.”
Beth believes that the current demand, which has been influenced by our change in lifestyle because of Covid, is sustainable.
She adds: “Our prices are still well behind where they should be. We still have room for growth in the market because prices haven’t rocketed.”
“Demand is still huge, and supply is low and there are still lots of people wanting to move.”
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The full results will also be published in a 12 page section in the Belfast Telegraph on Saturday 21st August.