Leading property experts, Michael Chandler Estate Agents, have just released figures showing the property market is most definitely improving.
In the last quarter of 2013, Michael Chandler found property sales almost doubled in comparison to the same quarter in 2012. The company witnessed a sharp rise in valuation requests which rose by 150% in the last quarter of 2013, highlighting that confidence is returning to the market with more and more people considering selling their homes.
2014 has continued this upward trend with sales increasing by over 50% in January and already properties being listed on the market for sale are up 63% in comparison to 2013.
Michael expects that the market will continue to strengthen throughout 2014 as buyers become more and more confident that prices have now stabilised. The bold move to new larger state-of-the-art premises on the Ormeau Road has strengthened the agency’s position within the market, and demonstrated the company’s significant growth in the last four years since inception.
Speaking on the findings, Michael Chandler believes the Northern Ireland housing market is heading in the right direction: “The increase in both house prices and activity in recent months is consistent with evidence of improvement in market conditions and consumer confidence. Whilst we are experiencing bidding wars again, we are still a long way off the boom of yesteryear. It is becoming more and more apparent that if a property is well presented and priced realistically the buyers are there.
“The biggest current impediment to the housing market remains a shortage of homes available for sale,” Michael adds. “Construction activity is improving, but builders cannot improve availability overnight. Lenders need to release properties which have been repossessed and assist vendors that are trapped in negative equity to allow the market to stabilize and prevent renewed bubble conditions.”