In West Belfast demand is high for the smaller sized homes
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 West Belfast.
Average House Price Now £148,129
The price of terraced houses in west Belfast has gone through the roof
Overall property prices experienced an increase of 5.98% in this West Belfast however, demand for smaller and more affordable houses was high.
A huge rise of 16.80% saw the price of terraces and townhouses go from £97,200 in the second quarter of 2020 to £113,527 in the same period this year.
The average price of a house rose by 5.98% from £139,776 to £148,129.
Expert Market Opinion
One of the most popular areas is Gransha off the Glen Road, where semi-detached houses are going for prices much higher than the market value.
While the market did calm somewhat this year compared to the flurry of activity after the first lockdown, demand remains high and like elsewhere in Belfast, stocks are now running low.
Des McGranaghan of McGranaghan Estate Agents on the Andersonstown Road says: “During the first lockdown even though we couldn’t operate properly people were looking to move in West Belfast.
“We couldn’t show people round and organising virtual viewings where people view their biggest asset on a video screen just wasn’t happening.
“So even though we were in lockdown for most of the second quarter of last year, activity really rose.
“When we got the go-ahead to open in June it was tough having to wear masks and gloves and sanitise between each viewing.
“People couldn’t bring their parents and had to make a separate appointment for them to see the property.
“We couldn’t have open viewings so it was very labour intensive.
“Things have calmed a bit in the second quarter of this year but demand is still very high.”
Market Analysis of House Prices in West Belfast
Most people buying in west Belfast have family in the area but there has also been demand from outside of the city.
Des says: “People like to stay in the local area and be near their family so we have a lot of people trading up in the area as well as people moving from elsewhere in Northern Ireland.
“While first- time buyers have driven sales for townhouses and terraces, we have buyers in all sectors.
“People are still looking for outdoor space or a garage they can turn into an office or a garden big enough for an office pod.”
Apartments continued to do well in the west of the city this year compared to last with the average price rising from £112,589 to £118,128, again due to more people wanting to get on the property ladder.
Des fears that a lack of stock and rising prices in the area could now be freezing some first-time buyers out.
He adds: “Pre-pandemic a terrace in the area would have cost around £155,000 and now they are up to as much as £170,000.
Co-ownership is only available up to £165,000 so for a lot of first-time buyers, the lack of stock is pricing them out of the market.
“We recently sold three semis in Gransha which went for £20,000 – £25,000 over the asking price. I can’t see that changing anytime soon.”
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The full results will also be published in a 12 page section in the Belfast Telegraph on Saturday 21st August.