Reeds Rains, one of the largest independently owned estate agencies in Northern Ireland has reported a 26% increase in the number of homes sold during the first three months of 2014 compared to the same period last year.
The figures are in line with the Government’s Northern Ireland Residential Property Price Index (released Wednesday 21 May) which show that sales recorded in Q1 2014 were 21% higher than Q1 2013 – the highest quarterly increase in house sales since 2007.
Ryan Andrews, Director of Reeds Rains, Northern Ireland said:
“Over recent months we’ve seen a 22% increase in homes coming on the market with a 26% increase in sales. Put simply we need more homes to satisfy this significant upturn in demand.
“That translates to each one of our agencies in Belfast (Lisburn Road), Bangor, Carrick, Glengormley, Newtownards and Lisburn.
“There is a renewed confidence in the marketplace and the Government figures coupled with our own represent great news for home buyers, sellers and the wider economy.”
And it’s not any one particular home that is outperforming others according to Ryan Andrews, who continued:
“We have a great mix of property moving quickly, first time buyers wanting to get on the ladder and vendors ready to move on and up.
“The College Green development on the old Bangor Grammar School site has sold 25 units off plan, which is about 50% of the overall development, and sales at the Hedgeleigh development in Lisburn have tripled year on year which proves interest in new build developments is increasing.
“With mortgages now more appealing to the first-time buyer, we are confident this upward trend will continue for rest of 2014.”