The city, which ranked seventh in the inaugural report in H1 2021, performs well across property, liveability and economic measures. Colliers’ Top UK Residential Investment Cities report examines 20 cities across 25 indicators, which can be tailored towards investors’ needs.
Is Belfast a good place to invest in property?
Growth in rent and house prices. House prices in Belfast are generally lower than the rest of the UK, which is relative to the cost of living and annual income, making Belfast an attractive prospect to investors.
Is it a good time to buy in Belfast?
Buyers are still looking
While buyer demand isn’t at the levels we saw post lockdown in 2021, demand is higher than 2019. Buyer enquiries remain strong and levels of newly agreed sales are at their highest since Q3 2021.
Will house prices rise in Belfast?
The average cost of a home in Northern Ireland has jumped by 10% in a year. That’s according to the House Price Index report for quarter two in 2022.
Is Belfast up and coming?
According to Invest in Belfast, the city is ranked as a top-five mid-sized city of the future.
Will house prices fall in Belfast?
Ursula McAnulty, Head of Research at NI Housing Executive, which commissions the research, continued: “The strong house price growth witnessed over 2021 continues, albeit at a slower rate, into 2022. However, there are emerging signs of purchaser confidence falling, including a decline in purchaser inquires.
Will house prices drop in 2023 Northern Ireland?
“As expected, this increased cost of borrowing has impacted on the housing market which has seen a slowing down in buyer enquiries, affordability and price growth. “Whilst the market pricing levels have remained on par with Q2 of 2022, the obvious signs are that the price correction will materialise in 2023”.
Is property rising in Belfast?
The average property price in Northern Ireland is now £193,400, a 7.2% annual increase and 2.9% increase over the last quarter. The new figures were revealed by PropertyPal’s latest report summarising the 2022 Quarter 3 (Q3) Northern Ireland housing market trends.
Where can I invest in Belfast?
What are the key investment areas in East Belfast?
- Woodstock/Cregagh Road area. This is an ideal investment area-full of terrace houses, close to amenities and the city centre, with houses typically at £80-100k (at time of writing).
- Beersbridge Road/ Bloomfield/Connswater area.
- Ravenhill Road area.
- Belmont Road area.
Will UK house prices fall in 2023?
Our forecasts suggest UK house prices will fall 5 per cent in 2023 and again in 2024 before returning to growth. Various factors will keep a floor under pricing, from the shortage of homes to regulations introduced since the global financial crisis that have kept higher loan-to-value lending at sensible levels.
Will property prices fall in Ireland 2023?
Home truths: Irish property prices expected to avoid a dip in 2023. Interest rates are rising sharply around the world, high levels of inflation are eating into consumers’ disposable income, while many countries are also staring down a recession in the coming months.
Is Belfast a growing city?
Belfast has grown steadily in recent years, rising from 276,000 people in 2001 to 295,000 in 2014. The city grew fastest during the first half of the 20th century, peaking in 1971 at almost 600,000 people in the urban area.
Belfast Population Growth.
| Year | Population |
|---|---|
| 2025 | 651,982 |
| 2024 | 647,438 |
| 2023 | 643,005 |
| 2022 | 638,717 |
Will house prices fall in Northern Ireland in 2022?
The average house price in Northern Ireland increased by 9.6% over the year to Quarter 2 (Apr to Jun) 2022. Northern Ireland remains the cheapest UK country in which to purchase a property, with the average house price at £169,000.
Why is Belfast so cheap?
Belfast itself isn’t an expensive city to live in at all, and a big part of the attraction is the lower living cost compared to mainland Britain. Part of the lower cost is due to Northern Ireland maintaining the British pound as its currency, whereas the Republic of Ireland is part of the Eurozone.
What is the rental market like in Belfast?
Overall, the proportion of rents in Northern Ireland above £600 has increased to 64%, up from 58.1% in H1 2021, highlighting the continuing growth in average rents over the period as a consequence of market demand and limited stock availability and quality.
Is property a good investment in Northern Ireland?
“Northern Ireland has an attractive real estate yield advantage when compared with GB and ROI and we expect to see strong investor appetite in Northern Ireland continue into 2022, largely due to our unique location as a gateway between the UK and EU.
How much does it cost to build a house in Northern Ireland in 2022?
Prices jumped by 3.4 per cent between the fourth quarter (Q4) of 2021 and the first three months of 2022. Rising costs of raw materials and a slowdown in the construction industry appeared to drive the average price of a new build to £193,639 in Q1 2022 – 4.6 per cent (£8,561) more than the final quarter of 2021.
What is the average house price in Belfast?
Property Prices in Belfast by Type
| No. of properties | Average price | |
|---|---|---|
| Flat | 209 | £171,216 |
| Terraced | 258 | £145,352 |
| Semi-detached | 398 | £217,265 |
| Detached | 152 | £514,814 |
Will mortgage rates drop in 2023?
The experts we polled expect average 30-year mortgage rates to land anywhere between 5.0% and 9.31% in 2023 — a huge potential range. Predictions fall between 4.5% and 8.75% for the 15-year fixed mortgage rate.
Will house prices continue to rise in Northern Ireland?
Ursula McAnulty, Head of Research at NI Housing Executive, which commissions the research, said: “The strong house price growth witnessed over 2021 continues, albeit at a slower rate, into 2022.
Will house prices rise in next 5 years?
It said house prices will have risen 6 per cent by the end of 2022 but that they will fall 5 per cent in 2023 and a further 5 per cent in 2024 as a result of the sudden spike in mortgage rates caused by the government’s fiscal plans.