IT’S expected that the price of houses in Fermanagh and the North will rise over the next four years for prospective first-time buyers.
As a result of the political uncertainty in the UK and the potential cut to interest rates, the property market is fluctuating in the North. By 2028 though, financial experts expect a rise in house prices.
According to a leading estate agency firm, the average price of a house in the UK stands at £285,000. Over the next four years, it’s expected to rise by 21.6 per cent to a staggering £346,000.
“The outlook for 2024 has improved since our last forecasts [in November] as mortgage costs have nudged down slightly and are much less volatile,” Saville’s Lucian Cook told The Guardian.
“The outlook for economic growth has also slightly improved, pointing to relatively modest house price growth this year, with greater potential over the following few years.”
Last November, it was expected that the economic future would drop by three per cent. House prices in the North have risen by 2.5 per cent in 2024.
“Consequently, we are unlikely to see a further meaningful fall in mortgage rates this year, with the potential for short-term fluctuations in the cost of debt and house prices,” said Mr Cook.
As previously reported by the Herald, Fermanagh estate agent Niall Smyth said that local house prices are at a “steady rate”.
“The key influence is that demand currently outweighs supply with not enough residential property available to meet the current level of demand,” said Mr Smyth, from Smyth Leslie & Co in Enniskillen.
“This demand is further influenced by parties moving to Fermanagh for a new way of life, assisted by the ability to work remotely.
“It is expected that numbers moving to Fermanagh will continue to increase in 2024 due to recent positive publicity in the national media regarding Enniskillen and Fermanagh as a very positive place to live.”
Enniskillen estate agent, Seamus McGovern, feels that more people will consider buying a house, compared to paying rent due to the rocketing rent cost.
“Rents in Fermanagh have surged beyond the national average increase of 10.1 per cent with properties that were previously renting at £400-£450 five years ago now fetching £750-£800,” Mr McGovern said.
“Considering the imbalance between supply and demand, as evidenced by the high number of tenants seeking properties and limited availability of rental properties, it’s probable that rents will continue to rise.”
Lisnaskea estate agent, Gordon Robinson, also believed that house prices would continue to go up.
“The market is very buoyant at the minute. House prices are definitely getting dearer,” he said.
“It depends on the area where you want to buy the house as well, but overall prices are going up.
“A lot will depend on the General Election. Depending on which party gets in, will there be any incentives for house sales? We’ll have to wait and see.”
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