THE number of people buying a property and relocating to Northern Ireland from Britain or overseas has soared since June, one long-established Belfast sales agency says.
The lockdown period has had many people reconsidering whether they need additional bedrooms, a larger garden or home office space where many people have adopted to working from home on a full or part time basis, according to Simon Brien Residential.
"There's been a significant rise in buyers making the move back home to be closer to family whilst retaining mainland jobs due to more flexible working arrangements," agency head Simon Brien said.
He said confidence in the north’s property sector has remained strong since the market reopened in June, and it has seen an increase of 113 per cent in sales value of houses sold to people from outside Northern Ireland compared to 2019.
"This year has given many people an opportunity to revaluate their work life balance, working environment and family needs," he said.
"Factors such as being close to family, quality of life, value for money and quality education have made the move to here more appealing than ever."
Northern Ireland remains one of the most affordable regions in the UK to purchase a home with an average house price of £141,430 and an average rental price of £657,with a further incentive being a stamp duty holiday in place until March 31 next year.
Simon Brien said: “The buoyancy that had initially been experienced in the local market had been due to pent up demand during lockdown, but this has been sustained over the past five months and we expect demand to continue being strong due to buyers making sensible personal lifestyle choices with attractive two-to-five-year fixed rate mortgage packages.
“The majority of our oversea buyers have been from mainland UK, with most coming from London, Surrey and Essex.
“According to a survey by the London Assembly Housing Committee, 46 per cent of Londoners wanted to move out of the city because of Covid-19, so it comes as no surprise that Northern Ireland is being recognised as more appealing with more green spaces and better value for money.”
A recent relocator, who moved to Donaghadee, said: “We'd been looking to come home from London in the next few years, but events this year, along with the ability to work from home, has fast-tracked our decision.
“Previously we had moved a lot, living in Kenya, Ghana and London, but we wanted to move back to where it has always felt like home and to be closer to family.
“And it’s not just value for money for us, but the better life quality and the supportive people around us.”
