What’s next for the NI Property Market?

Not to state the obvious, but there is some uncertainty as to where the N.I. the property market is heading.

Since 2012 we have enjoyed steady house price rises across the country. There was fear that Covid-19 would wreak havoc but, to the contrary, growth continued and perhaps accelerated.

That said the inflationary pressures and the cost-of-living crisis certainly put the brakes on the N.I. property market in the third quarter of 2022 (July to September). Sale volumes reduced to 6,402 for the quarter and a palpable lull was felt. Read the Full Report Here

Then along came short timer Liz and KAMI-Kwasi on the 15 th September! The brakes were well and truly applied and mortgage lending rates rocketed. The outlook for the property market was far from comforting.

Thankfully, a change in U.K. government leadership has calmed markets. Mortgage lending rates are retracing to more affordable levels and this, combined with the historical and continuing demand/supply imbalance should temper the impact.

From a property and conveyancing point of view, we are certainly not in a 2007-08 style financial crash. Banks are not exposed to the same extent and developers are building largely with their own capital. Property prices will not collapse.

In these parts, it has always been more attractive to own your property rather than to rent it and as we all get over the era of cheap money and inflationary pressures reduce, activity levels will increase.
 

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