East Belfast Sectoral Study - Northern Ireland Housing Executive

they were up against investors and this was pushing the bottom end of the
market more so than any other sector. In particular in the 2/3 bedroom terraced
house sector there was a lot of competition between investors and first-time
buyers and to quote one agent the terraced sector was seen to be composed of “a
lot of markets”.
3.4 Price differences are apparent across the market and by property type. The
lower end of the market is seen to be very buoyant (defined as being below the
£250,000, 3% stamp duty threshold). The top end of the market is also
performing well with a lot of property in the £300-£600K price range, whereas
three to four years ago there would have been relatively few properties in this
price band. However, the first-time buyer market is seen by many agents as
being by far the strongest market with terraced houses up to £150,000 having
the greatest rate of growth. The semi-detached house market was seen to have a
lower rate of price growth than terraced property but possessed more potential
for growth. In the detached sector there is less growth but some agents felt that
this sector may come through strongly towards the end of the year. Apartments
were also seen to be performing well with price growth from £105K to £140K
within the period from January to June 2006.
3.5 Some agents pointed to the traditional strength of the market in BT4 and the
hierarchy of BT4 stronger than BT5 and BT6. However, there was evidence that
with the rapid rate of price growth this simplified view of the East Belfast
market was changing with for example the upper end of the terraced market
increasing substantially in the Ravenhill/Gregagh Road areas. Also significant
growth was starting to occur in the lower Ravenhill Road and Woodstock Road
(in the £90-100K range). The schooling issue was identified as making the East
Belfast market, notably BT4, very attractive to families with a lot of demand for
4 bedroom semi-detached property, as the equivalent property in the detached
sector was often considered to be out of reach.
3.6 The overall perspective that arises is that the market is hot right across this part
of Belfast, as one agent stated “from the Ravenhill Road across to the Old
Holywood Road and up to Dundonald the market is hot”. Particular locations
that emerged in several interviews as hot-spots include Sydenham, Bloomfield,
Connswater and Cregagh. These areas were seen to be target locations for the
first-time buyer with the market very strong for terraced property. In the case of
Cregagh, one agent drew parallels to Stranmillis in South Belfast suggesting that
price levels are beyond expectations and the likelihood that Cregagh may
develop from a first-time buyer area to a rental location.
3.7 Sydenham is perceived to be a highly changed location. Previously, the
Holywood Road was seen a as natural barrier for the housing market, but the
image of Sydenham has changed dramatically. In particular the success of the
Lewis Square development was seen as being a highly influential factor with
Sydenham becoming a first time buyer choice for the young professional
wanting to get on the property ladder. Property values in Lewis Square have
altered significantly over the past six months with the current phase of the
scheme now selling at £160,000. The spill-over effect of Titanic Quarter,
although development has not yet commenced, was also seen to be highly
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