Regional round-up

'This is my first regional round up for Northern Ireland and it’s a tale of two halves. Our region is quite extensive and can cover literally any type of resale property, however one thing is omnipresent and that is the sentiment of Brexit.

'Make no mistake these are challenging times for some. For example, house prices in the North West and South West of the provinces are not fairing as well as Greater Belfast. This is due, in part, to inadequate infrastructure and investment. The Newry and Mourne corridor continues to perform strongly with a 4.7 per cent rise on the previous quarter due in part to its geographical positioning between Belfast and Dublin, which are the hotbeds for economic activity.

'Whilst the market may be softening in some areas of Northern Ireland, Greater Belfast continues to perform very well. If anything, the only real issue for agents is the lack of good quality property coming to the marketplace, which is tempting agents to cut fees in order to win the business. It’s a predicament that many agents have faced and can be self-perpetuating. NAEA Propertymark agents have the tools to face this challenge head-on and to succeed even in challenging times.

'The New Homes market in Northern Ireland is fairing much better overall. Sales are often outstripping supply especially in areas like Derry, Belfast, Lisburn and Newry. There are reports of buyers camping outside estate agency offices for days before a release to secure their dream home. I know this to be true as I have experienced this at my own agency on a number of developments. Many agents don’t truly appreciate this specialist market and thus miss out on what can be a very profitable aspect to their business. NAEA Propertymark Representatives understand this market and are always here to help our members understand the Land and New Homes arena better.

'Access to mortgage finance remains very good with some very attractive rates available. 95 per cent LTV is now available on new homes as well as the traditional resale market. In all likelihood, rates will remain low and this can only be a positive for our clients. Moving on to the Regulation of Property Agents (RoPA), the impact this will have on the industry is immense. I believe the vast majority of agents in Northern Ireland understand their profession inside out, however this will carry no weight when licensing finally arrives. Now is the time to get ahead and get a handle on what is required to ensure our compliance. NAEA Propertymark is there for its members to help guide them through the process. The Northern Ireland Regional Executives are on the ground and are only too happy to help you with any questions you have or guidance you may require. Keep an eye out for your local or regional NAEA Propertymark meetings. Attending these are essential to keep abreast of the industry.

'Finally, I would like to thank our President Lauren Scott, President Elect Kirsty Finney and Regional Executive Mary Lou Press for welcoming both Victoria Pinkerton and I to the Northern Ireland Regional Executive Team.'