Derry's housing market on the mend

Tue, 11/10/2011 - 14:09 -- Editor

Derry house prices may be at an all time low, but local estate agents says business is positively booming.

House prices in the UK as a whole have been falling steadily since the word recession factored into our everyday conversations and many Derry people have been reluctant to move on or up the property ladder due to lack of confidence in their financial futures.

But the past month has seen a dramatic shift in dynamics with an influx of eager house buyers queuing up to view, offer and buy properties at knock down prices.

Marbeth Riddles, Director of Daniel Henry Derry Ltd, says things are starting to get a lot brighter on the housing market.

“Demand is very good at the minute,”she says. “Sales are booming. People , I believe, are accepting that their properties are not worth what they once were, that this is a different market now.  There are a lot of cheaper properties on the market. People are selling cheap and buying cheap.

“In the last month alone we have seen a lot of properties come on and sell at the higher end of the market. We are certainly noticing a big improvement in demand.  The number of people going out to view properties has increased dramatically. And it’s not just view, it’s offers, it’s bids it’s sales. We know have a buoyant market.

“It’s an excellent time for first time buyers as it’s now as cheap to buy as it is to rent.”

As far as house prices are concerned Marbeth says they remain static.

“House prices haven’t fallen in the last month,” she says. “Who knows what will happen in the future. It’s very difficult to predict."