Brexit - How will it affect Belfast Property Prices?

Posted on 14 January 2019
Brexit - How will it affect Belfast Property Prices?

There is no getting away from that six letter word at the moment – “Brexit”. It has dominated many headlines in the past two years and will continue to do so for a considerable future here in Northern Ireland and the wider UK. But how is it going to affect the UK property market and specifically properties here in the Greater Belfast area?

It is not all doom and gloom though. Even last month, the latest RICS survey stated that whilst property prices fell across Great Britain for a third successive month in November, Northern Ireland defied the trend, with 39% more respondents reporting an increase in the value of their home. According to the RICS, the professional body for estate agents and surveyors, experts are significantly more optimistic about sales activity in Northern Ireland.

Northern Ireland currently has the most vibrant property market in the UK, despite the fact that the border with the Irish Republic remains the thorniest issue for Brexit negotiators, and the province is without a government in Stormont.

This is backed up by Pinpoint’s own sales statistics for 2018 which showed that whatever was happening in the wider world, sales activity was still strong. Properties were agreeing faster, and 74 % of sellers achieved a selling price they were happy with, with 36% of those getting their full asking price or in excess of it.

Every year at about this time, many commentators give their predictions about average price changes, annual growth expectations and property supply figures with a great level of trepidation. Unfortunately, at Pinpoint Property, we do not have a crystal ball. The level of uncertainty on what is going to happen at the end of March this year has had an impact on stock levels there is no denying that, but life goes on and people still need to move for reasons of work, family and changes in circumstances. There are a lot of serious buyers in the market – don’t wait until Spring to sell – those buyers are active now. We have a vastly experienced team with decades of local knowledge in bull and bear markets, so we are very confident to provide you with the superior level of service you have been accustomed to irrespective of how the market fares.

What we can safely predict is the following:
• We will provide you with the best possible deal for your property
• We will work make the process as straightforward and seamless as possible throughout
• We will handle every aspect of your transaction with the utmost professionalism and transparency and provide a superior level of service at all times

At every time of uncertainty, there is also opportunity. Whether you are looking for an investment, need advice on Co-Ownership or the latest for your property, we can help.

Get in touch with our team today.