Northern Ireland’s House Prices Continue to Rise as the Rest of the UK’s Market Plummets
Why Are House Prices Going Down in the Rest of the UK?
This month, several mortgage providers have reduced mortgage rates relying on the expectation that the Bank of England will begin cutting interest rates this year. Barclays and Santander have cut rates as a result of this. This has led to a boost in mortgage approvals and will, therefore, benefit people who have relatively cheap fixed-rate deals that are coming to an end and are looking for a new one. Demand for buying and selling property in the UK shot up towards the tail end of 2023 and will be expected to continue as mortgage providers as seeing enquiries flood in.
Why Are House Prices Going Up in Northern Ireland?
In contrast to the rest of the UK, property prices in Northern Ireland have risen in the new year, however, the decrease in inflation will mean for many that interest rates will remain the same and possibly even fall. The housing market in Northern Ireland will be less turbulent than in previous years as a result of this which should lead to more attractive mortgage rates later this year. Buyer demands have risen again in Northern Ireland in late 2023, to 37% higher than in 2019. This is what has led to the increase in property prices. This may be a great opportunity for landlords to capitalise as sellers and landlords will have more leverage. The rise in property prices has also been triggered by the number of properties on the market which has dropped in the past three years.
When Will It Be a Good Time to Purchase Property?
This year may be an especially good time for first-time buyers to purchase a property. As the market stabilises, mortgages will level out to a ‘new normal’. A stable market is beneficial to all buyers and sellers of property due to its predictability and reduced risk of sudden price fluctuations. In the current market, a buyer will be able to make informed decisions with confidence. Buyers will have more time to evaluate properties, negotiate favourable deals, and make long-term plans without the pressure of the fluctuations in the market seen in the previous three years. The confidence in the market fosters a positive environment for real estate investment, allowing buyers to view property ownership as a reliable and secure means of building wealth over time. It is always wise to seek legal advice when buying or selling your property.
Where Can I Find Help to Buy or Sell Property?
If you are looking to buy or sell a property, P. A. Duffy, solicitors based in Dungannon, will be able to guide you through the process, acting in your best interest and protecting you in the event that anything goes wrong. Our expert conveyancing team will lead you through the various legal obligations that you will need to fulfil when selling your property. When buying a property there are several legal issues that should be dealt with without delay. To avoid any unfortunate issues, contact our property solicitors.