There is no doubt 2020 has been one roller coaster ride that everyone wanted to get off, none more so than house hunters and those working within the property industry who were faced with a huge demand for housing.
Not only did the estate agents have to go that extra mile to make their clients feel reassured during times of uncertainty but the industry was also met with a massive increase in new demands for property features such as office and outdoor space.
However, the local property industry has proven resilient in the face of great Covid-19 adversity and has adapted efficiently and successfully.
Could 2021 rattle the market's optimism? We caught up with Head of Residential Sales Jennifer Canning of Northern Property to find out how her team is preparing for the New Year.
“Regardless of a looming no-deal Brexit, we are confident that the surge of demand in the last few months will remain,” she said.
“Even if the predictions of a dip in the market due to Brexit are correct, it is likely that it will only correct the hike in values we have experienced due to demand in the second half of 2020.
“Even though the massive contributing stamp duty exemption is due to end in March of this year, the return of the 10 per cent deposit mortgages along with the current historically low interest rates should counteract the extra cost. Co-ownership and Help to Buy ISAs have also been a great help this year.”
What we do know is that needs have changed as a result of this ‘new normal’ lifestyle which is set to continue throughout 2021.
“With positivity surrounding the COVID-19 19 vaccine, even if life does go back to normal with many working from home or living with parents over lockdown they are still in the mindset of, extra space, extra bedrooms, an office space or even a bigger garden,” adds Jennifer.
“With holidays cancelled and hospitality closed, less social spending allowed for saving. Suddenly the things that were important did not seem to matter anymore. Priorities have changed, and I think that will remain the case for the medium term.”
However, Jennifer is confident that the West Belfast proposition remains compelling to house-hunters. “Locally, and more recently people are appreciating that Belfast is a really great place to live.
“Our city centre is competitive with any major European city and with consistent funding our infrastructure and accessibility are constantly improving. Belfast and West Belfast will remain a very sought-after area in the property market.”
