Your home is your most prized and valuable asset, here at Hannath, we take great pride when we are entrusted with selling your home and helping you move.
If you’re a home owner or thinking about getting on the property ladder it’s good to know what the market is doing. …. After lockdown 1 lifted our market has been phenomenal, so it’s been a very successful 12 months for our office and particularly the first six months of 2021.
This is the strongest the local market has performed since our office opened in 2004. Last month – in May 2021 we agreed 68 homes for sale. There continues to be huge demand for property in the local market. Prices have shot up, but remain sensible and within reach of buyers.
From small homes to larger ones, everything is moving and now really is a great time to sell. ….. Homes over £300,000 had bidding well over the asking price. This again highlights the huge demand for property but also the increasing demand for four bedroom plus properties which has seen the biggest lift in prices in recent months.
Houses big and small are selling. Flats and terrace properties are an attractive investment with mortgage rates still at an all time low and demand for housing in our area is at an all time high.
Currently, we have 370 homes which are going through legals and are expected to complete before the end of this year. The stamp duty holiday is coming to an end, we don’t think this has been the main driver for the record breaking demand but it has definitely helped give the local market a boost and for anyone who has managed to save a few quid by not having to pay it, every little helps.
At Hannath, we pride ourselves in selling property properly. If you are thinking of a change please get in touch we’d love to help you move.
Let's talk facts and figures...
Over the last seven months, from January to July, we had sold a staggering 375 homes!! and the figure continues to rise throughout August. This is an incredible number, with the number of homes sold averaging at 53.5 per month.
The average house price in NI currently stands at £184,200. Annually, house prices have seen an increase of 7.4% and a quarterly increase of 2.0%.
Specifically, in the Armagh City, Banbridge and Craigavon Area, the average house price £152,700. The area has seen an impressive annual increase of 5.2% and a quarterly increase of 0.5%
The demand for property is currently outweighing the supply in the market. According to Property Pal, there was a decrease of 33% in new listings on the market in Q2.
The demand for bigger properties and more space is apparent in the NI sales figures …
There was a 29% increase in the sales of four bedroom properties and a 61% increase in the sales of five bedroom properties … WOW. There is also an increasing proportion of sales of 4/5 bed houses compared to 2/3 bed houses.
Top Selling Areas
The local market is doing extremely well and has been throughout 2021. In Q2, Lurgan had 216 sales, placing them as the fifth top selling area in Northern Ireland!!
Average days on the market for houses to reach ‘sale agreed’ across NI
Q2 2020 – 74 DaysQ2 2021 – 37 Days
This means the total number of days has HALVED compared to last year... again, highlighting the overwhelming demand for property.
Rent Across Northern Ireland
The rental market across NI has also seen impressive increases. In the Armagh City, Banbridge and Craigavon Area, the average rental property is £538 p/m. Annually rental prices have increased by 3.6% and quarterly increase by 1.7%
The number of available rental properties also seen a significant decrease of 27% of inventory.
What happens next?
We expect the market to continue operating at its current level throughout Q3. It is a great time to sell your property as the demand is still proving to be extremely strong.
So, if you are thinking of selling, why not give us a call?
Contact us today: