PropertyPal, a leading local property portal, has released the findings of its 2021 home buyers survey, conducted earlier this year. According to the survey, 1,800 buyers in Northern Ireland expressed interest in buying a home in 2021 or later.
Buyers and Home Movers
Only 7% of those who purchased a home last year stated that the stamp duty holiday was the primary reason for their purchase. As previously reported, Belfast continues to be the most popular location for planned purchases among both first-time buyers and home-movers, according to the survey.
On the other hand, home-movers reported a shift away from Belfast, particularly towards Ards and North Down, as well as Lisburn and Castlereagh. In addition, 64 percent of those who responded to the survey believe that prices will rise over the next 12 months. Nearly 90 percent of buyers surveyed stated that a garden or outdoor space was the most crucial property feature when purchasing a USED PAVERS FOR SALE – EQUIPMENT PAVERS.
Economist at PropertyPal
Jordan Buchanan, Chief Economist at PropertyPal, commented on the findings, saying, “We’ve all spent a significant amount of time at home since the initial lockdown last March.”Naturally, this has compelled us to re-evaluate our living spaces in layout, functionality, and overall satisfaction with them.
Home offices and classrooms were unexpectedly transformed into offices and classrooms, and access to reliable and fast internet connectivity climbed to the top of many households’ priority lists last year. But, as we cautiously exit the state of emergency and return to some semblance of normalcy, buyer attitudes have changed once more.
Features that Matters
Lifestyle decisions will be influenced by the lessons learned over the course of the past year for a significant amount of time, if not indefinitely. For nearly all first-time purchasers and home movers, the garden area or outside space is the most important component of their new residence.
The ongoing discussion about whether to return to the office or adopt a hybrid working style will continue to have an impact on the shopping habits of the growing number of people who are able to work from home full time. The fact that being close to work ranked third on the list of most significant factors for first-time buyers is particularly remarkable.
In contrast, it was significantly less critical for home-movers, ten years older on average. In total, 43 percent of first-time buyers expressed a desire to purchase a home that was close to their place of employment, compared to only 26 percent of home-movers.”
According to the survey results, 74 percent of first-time buyers and 86 percent of home-movers intend to purchase semi-detached or detached home. In contrast, only 3 percent and 1 percent of those polled intend to purchase an apartment, respectively. The following is Jordan’s assessment of the market’s performance over the past year, which he shared with the Board of Co-Ownership, Northern Ireland’s shared ownership provider:
The housing market recovery has rebounded at a pace that has exceeded even the most optimistic of expectations, both in Northern Ireland and across the world generally.
Because of the lockdown, the major recession in 2020 has been unusually accompanied by an increase in wealth, primarily for wealthier households, as assets appreciate and spending declines.