Write a commentIn 2014 the residential sales market was defined by high demand, fuelled by limited supply of re sale properties and growing buyer confidence. This was combined with an increase in mortgage availability from a greater pool of lenders in comparison to 2012/13 according to Garry Best, Director of Best Property Services.
Commenting Garry said “2014 also saw a large demand for new build property – again due to the limited supply of new estates and more accessible finance.”
Development Land has shown the strongest growth sector during 2014, driven by limited supply and builders - having access to new funding - looking to acquire land now that house prices are rising.
Last year, well located land with Planning Consent in the Newry area has sold for between £20,000 - £25,000 per unit/site for Semi Detached Houses and £25,000 - £30,000/unit for Detached three Bedroom properties – a far cry from the peak market in 2007 where £100,000/unit site would have been the average.
The South Down agency also reported demand for rental property is at an all-time high with average rent rates continuing to rise (typically 3-5% on previous year).
“Sector types of particular demand are 3-4 bedroom detached and semi-detached properties. In terms of geographical demand, it’s highest in Newry/Warrenpoint area for tenants seeking long term leases,” added Mr Best.
Looking to commercial trends, throughout 2014 saw recovery, with growth in transaction levels and increased demand from both buyers and tenants looking for new property said Ciara Aiken, Commercial Director.
“The retail sector was particularly buoyant and the office sector also saw increase of 72% on sales volumes compared to last year. Overall, commercial transaction levels were up by 30% on 2014 which indicates renewed market confidence.
“Valuation consultancy services also increased, reflecting the greater levels of business activity generally,” Ciara added.
