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A house is worth what someone will pay for it. A fascinating insight by PropertyPal from the people that matter the most - home buyers. 

PropertyPal has carried out a survey of First Time
Buyers and Home Movers in Northern Ireland to better
understand the future of the local housing market.

 

Key Findings: 

Main reason for buying in the last 12 months:

• 64% personal circumstances
• 11% due to lockdown needs e.g. more space
• 7% stamp duty holiday 
• 6% relocating to Northern Ireland 

Of the 7% who said the Stamp Duty holiday was their main reason for leaving, 73% of those said they would have moved irrespective of the holiday! This may come as a surprise as it was constantly mentioned in the media as a main factor in the housing market boom!

Price range of intended purchase:

• Almost 6 in every 10 first time buyers intend to purchase a property up to £160,000
• Almost 6 in every 10 Home Movers intend to purchase a property up to £200,000

Most important property features:

1.  89% garden or outdoor space
2. large kitchen or entertaining space
3. more bedrooms/driveway

House prices in the next 12 months:

• 64% of the buyers surveyed think that property prices will rise over the next 12 months 
• 31% of the buyers surveyed think that property prices will fall over the next 12 months 

 

Here's what PropertyPal had to say about the survey... 

"At PropertyPal, we continue to monitor and analyse our data to provide you
with the most accurate and up-to-date information and insights on the Northern Ireland housing market. In 2020, we asked prospective buyers how their thoughts and priorities towards purchasing property changed during the pandemic and their experience of lockdown. The results from our 2020 Covid-19 survey were a clear indication that the housing market was expected to recover sharply, despite the deteriorating wider economic conditions. In reality, no one expected just how strong the rebound would be. This also turned out to be a global phenomenon, as markets spiked across the world as buyers quickly reassessed where they wanted to live, what they wanted out of their home and what they could afford."

 

Are you thinking of buying or selling? Why not give us a call!

Telephone: 02838399911

Email: info@hannath.com