The Northern Ireland Quarterly House Price Index for Q1 2021 confirms what we’ve been experiencing here at Williams, that despite the effects of the pandemic, the market continues to exhibit strong demand, translating into increased sales and price growth in the first quarter of 2021.
The evidence collated in this latest report by Ulster University for the Housing Executive and Progressive Building Society indicates that the average price of dwellings transacting in Northern Ireland during the first quarter of 2021 was £189,853, with demand seeing a quarterly price rise of 3.0% and an annual increase of 6.9%.
Setting the survey findings in context, the average price recorded during the first three months of the year was the highest since autumn 2008.
Market Momentum
A strong housing market with sustained demand and ongoing steady price increases might not necessarily have been the expectation during a global pandemic. However, the market had been gradually regaining momentum during 2019 and, aside from the pronounced impact of the moratorium on activity during the initial lockdown, the most apparent outcome has been to drive demand in the residential housing market, as households adjust their living arrangements, says the report.
The impact of the Covid-19 pandemic on the housing market has resulted in some notable trends, particularly in terms of market psychology as buyers and sellers alike have evaluated their housing options and lifestyle choices.
“There has been a number of contributory factors to this house price growth, not least is the relocation potential that remote working presents coupled with housing and lifestyle choices, the extension of the stamp duty holiday and increased savings all underpinned by the continuation of government support schemes,” said Michael Boyd Deputy Chief Executive & Finance Director Progressive Building Society. “In particular, there has been positive annual growth of semi-detached and detached segments of 7.9% and 13.6%, respectively.”
Rising sales across the Armagh City, Banbridge and Craigavon area are reflected in the 2.8% increase over the previous three months, with the average price of a property in the Armagh City, Banbridge & Craigavon area now standing at £162,924.
To see the full report click on the link https://www.ulster.ac.uk/__data/assets/pdf_file/0004/861223/UU_HPI_Q1-2021-4MB.pdf