Newry.ie

Best Property Services have reported a  20% boost in sales volume of resale residential property in 2017.

Adrian Doran, Residential Valuer with Best Property Services comments on the upturn in both listings and transactions in the upper end of the local residential market (£300k- £1M) which has not been seen for a number of years.

One of the properties sold by Best Property Services in 2017
One of the properties sold by Best Property Services in 2017

“There is an active demand in the general resale sector in all price bands as supply levels are currently lower than normal,” Adrian adds.

Siobhan Phillips of Best New Homes division has witnessed a significant increase in the quantity of new homes being made available by developers in Newry, Warrenpoint and Dungannon areas, this has subsequently led to a sales volume increase of 130% and a price increase on average of 9.7% above 2016 levels.

The New Homes division is currently managing sales of new housing schemes in Bessbrook, Newry, Ballymacnab, Caledon, Tamnamore , Blackwatertown  and Galbally.

For 2018 there are a number of clients with active new developments moving from planning to housing completions in the Dungannon, Jonesborough and Coalisland areas among others.

Overall the 2017 residential sales figures between the Newry and Dungannon offices have exceed £25M for the first time in a decade.

The local rental sector remains very buoyant mainly driven by an under supply of good quality rental property and high demand from prospective tenants particularly in the Newry area, this has resulted in an overall rent increase of some 6%.

Looking to the commercial landscape, it remains challenging as funding is not readily available, reports Commercial Director Ciara Aiken.

“That being said, the Best commercial team have felt a positive improvement in the market, evidenced by the rise in transactions during 2017, which have more than doubled.”

Notable sales include a large office building on Downshire Road to the very successful MAC Interiors Group based in Newry, a letting of high spec  gym in Greenbank Industrial Est and the recent sales of self-contained industrial premises in Lurgan and Carnbane - where competitive bidding saw  the guide prices exceeded in both cases.

Latterly, the sale of an investment property in Newry City Centre attracted unrivalled interest and the final sales price achieved was +45% over the Guide price.

“The positive confidence can be seen in the fact that vacancy rates in the City Centre have reduced substantially in the last 12 months and a new, privately owned retail/office scheme has been developed at Custom House, on Merchants Quay– the first privately owned scheme of this type to be developed in the city since 2009,” Ciara says.

The commercial team report that Brexit has not yet made any tangible impact on market activity although they have noted a slight rise in enquiry levels from across the border.

“It may well be the case that in the short term the Brexit process will throw up as many opportunities as disadvantages . Its longer term, the impact on the property market is difficult to predict at this stage,” Ciara concludes.

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