The average asking price of property in the Portadown area increased by 17.8% or £20,701 compared to two years ago, with particularly good demand from landlords and home-movers in the first few months of this year. This takes the current average asking price to £136,567, compared with £115,866 this time two years ago.
The rise in asking prices is being aggravated by property investors jumping into action looking to benefit from the high rental yields being obtained in the area and first time buyers trying to secure the property of their dreams before the impending mortgage interest rate rises later in 2018.
Looking at the different sectors of the Portadown area property market, splitting it down into property types, you can see what is happening to each sector of the market with regard to their average asking prices now compared to two years ago. The graphs below show the monetary value increase for each property type, but more interestingly, when we look at the percentages, the most dramatic increase in average asking price is in the terraced property type sector.
I believe these asking prices must be viewed with a pinch of salt, as it will be fascinating to see whether Portadown properties actually sell at these higher asking prices. Just because house sellers are asking for more money it doesn’t mean buyers will be enthusiastic to part with their hard earned cash. Like my Mum used to say to me years ago, “You can ask … but you might not get”.
Also, Portadown homeowners wanting to sell their property need to be aware of progressively strained buyer mortgage affordability and the more those sellers increase asking prices, the more buyers will hit their maximum on the amount they are able borrow on a mortgage.
However, those Portadown buyers who need a mortgage, will benefit from lower mortgage payments before interest rates rise … maybe another reason for the uplift in the number first time buyers and landlords buying? Only time will tell!
For more information on the local property market, give me a call on 02838 355100, email me gavin.boyle@orchardlettings.com or check out our local property news blog here.
