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The number of semi-detached properties sold in South Down and South Armagh is up by a massive 100% in 2013 compared to the previous year according to Best Property Services annual residential property review.
Terrace properties has also performed well with a + 50% rise in transactions in 2013 compared to 2012.
“Overall it’s a positive picture,” commented Garry Best, director of Best Property Services.
“Transaction levels are increasing and the average house price in some sectors is rising which reflects growing confidence.
“Earlier this year we saw the trend for growth the mid-market sector and a ‘bottoming out’ of prices in the lower end of the market and this has been upheld in our review of annual figures. In general terms there is a lot more activity across all residential sectors, we’re seeing a + 25% increase in viewing of properties and our final quarter sales figures (Oct/Nov/Dec 13 are up by 16.5 % in the final quarter last year.”
Comparing the semi-detached market in 2012 and 2013 there was no significant difference in average price of properties which would indicate the market levelling out in 2013.
In the terrace market, the sales transactions levels mirrored 2011 figures (up +50% on ‘12) while the average price increased to £62,000 – representing a +4% rise on 2011.
Looking forward Garry says, “We anticipate that 2014 will bring buyers to the market place both from a seller and purchaser point of view.
“Vendors realize that there is minimal risk in prices decreasing and buyers are keen to buy before prices rise over the years ahead so we would anticipate market activity at least in line with last years’ increase.”
“The issue now for us is supply of quality mid-market properties – we have a growing list of ready buyers but it is challenging to find them multiple options to choose their ideal property from. With transaction levels increased and prices stable, it’s an ideal time to sell a property or investment home and take advantage of what seems to be a rising market.”
