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Over the past three years, the housing market has experienced significant fluctuations. It all began with the sudden COVID-19 lockdown in the spring of 2020, closely followed by the Stamp Duty Holiday, which generated substantial demand, especially in our picturesque region. City dwellers sought a change in lifestyle, moving to smaller towns and villages in search of a better quality of life. It even brought those who had left the area for England previously, to return to the shores of Northern Ireland.
Many businesses also realised the potential of remote work, allowing their employees to save commuting time and enjoy the perks of North Down and Ards – great schools and beautiful scenic walks made our region exceptionally appealing.
This sudden surge in housing demand, coupled with limited supply, led to dramatic price spikes that exceeded what one might consider normal market conditions. These price increases were not just unusual but also unsustainable, indicating an eventual market correction.
The catalyst for this correction came in September 2022 with the mini-budget presented during Liz Truss' government tenure. This move generated economic uncertainty and eroded confidence, causing a drop in property demand throughout the final quarter of 2022. The Bank of England, in response to surging inflation, raised interest rates, subsequently affecting mortgage rates.
On a positive note, the housing market has demonstrated its resilience to change. Starting in February 2023, we witnessed a resurgence in both buyers and sellers, all resolute in pursuing their personal plans. Approximately forty percent of our buyers no longer require mortgages, thanks to strong employment prospects in our area, allowing them to comfortably afford their homes without significant lifestyle compromises.
The increased supply of available properties reflects buyers taking their time to make well-considered decisions, leading to an average price drop of 5%. However, these values have not fallen below pre-pandemic levels. Planning delays in the new homes market have provided homeowners with opportunities to list their properties with less competition.
Life continues its course in our area, marked by the constants of death, debt, and divorce, as well as the happier moments of couples buying their first homes, families expanding with the arrival of babies, and the need for more space as children grow into teenagers.
Selecting a residence often coincides with choosing good schools, and after children leave the nest, homeowners may seek to downsize and enjoy a more peaceful life or invest in other opportunities, such as travel and retirement.
So, where do you find yourself in this journey? If you're contemplating your next move, we possess the tools and expertise to craft a personalised marketing strategy. Our proven 7-Step Plan has helped numerous clients realise their dreams. Our goal is to secure a sale within your desired timeframe or at the best possible price.
If you're staying local, please share your preferences, and we'll ensure you're the first to learn about new listings before they hit Property News and Property Pal. Join our exclusive VIP Buyers Club today.
Being the first through the door gives you a competitive edge. We can also make you 'Market Ready' by creating a professional brochure with photographs, floorplans, and an EPC, along with your insights on "what the vendor loves." This allows us to kickstart the marketing process as soon as you're ready, putting you ahead of the competition and adding a personal touch to attract buyers.
Our friendly team of agents is eager to assist and answer any questions you may have. Don't hesitate to reach out today.
Victoria Pinkerton
Managing Director
Many businesses also realised the potential of remote work, allowing their employees to save commuting time and enjoy the perks of North Down and Ards – great schools and beautiful scenic walks made our region exceptionally appealing.
This sudden surge in housing demand, coupled with limited supply, led to dramatic price spikes that exceeded what one might consider normal market conditions. These price increases were not just unusual but also unsustainable, indicating an eventual market correction.
The catalyst for this correction came in September 2022 with the mini-budget presented during Liz Truss' government tenure. This move generated economic uncertainty and eroded confidence, causing a drop in property demand throughout the final quarter of 2022. The Bank of England, in response to surging inflation, raised interest rates, subsequently affecting mortgage rates.
On a positive note, the housing market has demonstrated its resilience to change. Starting in February 2023, we witnessed a resurgence in both buyers and sellers, all resolute in pursuing their personal plans. Approximately forty percent of our buyers no longer require mortgages, thanks to strong employment prospects in our area, allowing them to comfortably afford their homes without significant lifestyle compromises.
The increased supply of available properties reflects buyers taking their time to make well-considered decisions, leading to an average price drop of 5%. However, these values have not fallen below pre-pandemic levels. Planning delays in the new homes market have provided homeowners with opportunities to list their properties with less competition.
Life continues its course in our area, marked by the constants of death, debt, and divorce, as well as the happier moments of couples buying their first homes, families expanding with the arrival of babies, and the need for more space as children grow into teenagers.
Selecting a residence often coincides with choosing good schools, and after children leave the nest, homeowners may seek to downsize and enjoy a more peaceful life or invest in other opportunities, such as travel and retirement.
So, where do you find yourself in this journey? If you're contemplating your next move, we possess the tools and expertise to craft a personalised marketing strategy. Our proven 7-Step Plan has helped numerous clients realise their dreams. Our goal is to secure a sale within your desired timeframe or at the best possible price.
If you're staying local, please share your preferences, and we'll ensure you're the first to learn about new listings before they hit Property News and Property Pal. Join our exclusive VIP Buyers Club today.
Being the first through the door gives you a competitive edge. We can also make you 'Market Ready' by creating a professional brochure with photographs, floorplans, and an EPC, along with your insights on "what the vendor loves." This allows us to kickstart the marketing process as soon as you're ready, putting you ahead of the competition and adding a personal touch to attract buyers.
Our friendly team of agents is eager to assist and answer any questions you may have. Don't hesitate to reach out today.
Victoria Pinkerton
Managing Director
