UNCERTAINTYover Brexit is being reflected in the local Property market.
After a positive start to 2019, one local Estate agent reports that the last three months ‘uncertainty’ has crept into the market place.
While house saes may have slowed down, the rental market remains very strong.
The Residential team at Best Property Services look at monthly sales trends to date, in which the shadow of Brexit uncertainty makes itself known in the last Quarter.
“The first half of the year started on a very positive note, with the number of homes sold in Newry, Warrenpoint, Rostrevor and surrounding areas increasing by some 25%,” reports Edwina Flynn, Operations Director.
“The number of units sold Jan-Jun was up by 28%, in comparison to 2018 figures with over 70% of properties listed having multiple bidders.
“The majority of houses we listed sold in excess of the guide price and our first half of the year performed well, with a turnover in excess of £ 10m,” Edwina adds.
The residential team report a degree of market uncertainty evident from July and continuing into September.
“There is uncertainty in decision making. In speaking with other agents in Ballynahinch, Banbridge, Castlewellan and Newtownards – this seems to be a common thread," Edwina said.
“That level of uncertainty will continue to be a factor in the market until the Brexit impasse is resolved, as people continue to defer major decisions - particularly financial ones – due to the lack of clarity on the impact in Northern Ireland.
“On a positive note, the rental market is showing strong demand with a shortage of houses to rent. There is a strong demand from first time buyers for new homes, and notably an increase of housing association properties becoming available,” Edwina adds.
With mid-term break almost over, the countdown to Christmas has begun.
“We tend to see a surge of traffic to the website between Christmas and mid-January. People have more free time and often get the opportunity to discuss buying or selling a house with family and friends. It’s an opportunity to reflect and re-evaluate what your family and home needs are for 2020,” Edwina concludes.
The sales team advise that December/January is a good time to list as it can capture the attention of those browsing in their down time. While there is traditionally a greater volume