According to a key survey, the housing market in Northern Ireland has bounced back after a 3-month lockdown with a rebound in activity and interest. Today’s report from the Royal Institution of Chartered Surveyors (ROCS) and Ulster Bank highlighted that there has been a rise in enquiries from new buyers and an increase in new sales.
Chancellor, Rishi Sunak, announced a temporary stamp duty holiday on all homes under £500,000. This will come into effect immediately. The level at which the tax is charged has been temporarily raised to £500,000 until 31st March 2021, helping to boost the property market and aid individuals who are struggling to buy due to the Coronavirus outbreak.
Across the board our members are seeing high levels of interest in both sales and lettings and it’s fair to say that Pre Covid-19, the housing market was very stable. It is clearly evident that the demand will still be there after restrictions are relaxed. Interest rates are low and banks have the liquidity to fund suitable borrowers.
One of Belfast’s most iconic buildings, Custom House, has been put on the property market after its previous occupiers moved out. Located in a prominent location, fronting onto Custom House Square at Donegall Quay, this Grade B+ listed building has been put up for sale after the relocation of HM Revenue and Customs (HMRC) to Erskine House in January.
House prices increased across all 11 Northern Ireland council areas in 2019, as the region generally outperformed the rest of the UK, new data highlights. The latest House Price Index shows that the average Northern Ireland house price rose by 2.5 percent to £140,190 over the last 12 months (Q4 2018 – Q4 2019). The largest increase in property styles was detached homes (up 3.7 percent), semi-detached homes (up 3.1 percent) and terraced homes (up 1.8 percent)
The sales of well-known shopping sites including Sprucefield Retail Park helped Northern Ireland’s commercial property sector end 2019 in a better position than once anticipated, it has been claimed. A report by commercial property agency CBRE highlighted that the investment market witnessed an increase in transaction volumes year-on-year. Almost £212m was invested over 32 separate transactions last year.
On Friday 15th November, hundreds of estate agents, property experts, developers and architects gathered at Belfast’s Crowne Plaza to celebrate the Belfast Telegraph Property Awards 2019, in partnership with Electric Ireland. Now in its fifth year, the Belfast Telegraph Property Awards continues to be one of the most anticipated dates in the property calendar. The ceremony was hosted by broadcaster Pamela Ballantine while Belfast comedian Paddy Raff entertained the crowds.