Estate agent cautiously optimistic over housing market

WHILE house sales across the North are expected to slump by as much as 80 per-cent between April and June this year due to the impact of the lockdown, an Omagh estate agent remains cautiously optimistic that the local property market will bounce back quickly once it gets the go-ahead to reopen.

Keith Pollock, of Pollock Estate Agents on High Street, said the Covid-19 pandemic had effectively “pressed pause” on a stable housing market.

According to the Northern Ireland Statistics and Research Agency (NISRA), the number of house sales recorded for April to June 2020 will be “greatly reduced” – it estimates by as much as 80 per-cent – because of the lockdown. Prior to the coronavirus restrictions being imposed, the average price of a house in the Fermanagh and Omagh District Council (FODC) area in the first quarter of this year was £132,163, a rise of 1.4 per-cent on the previous quarter.

Mr Pollock said he believes that, after lockdown, the market will return with prices generally where they were in February 2020.

He said, “The sales which have happened have been at a similar level as that prior to lockdown, however we envisage a strong return and pick-up once normal business can resume.

“In normal circumstances, we would be entering a busy time of the year that usually experiences many people placing houses on the market and buyers seeking new homes.”

With his office closed since March, day-to-day business has been obstructed, leading to a dip in the quantity of sales.

But Mr Pollock said, “We continue to see a good number of enquiries primarily through the website and social media platforms indicating a good appetite for people seeking a new home.

“From the start of lockdown, we have still been able to agree smaller volumes of sales, from the virtual video, new build homes from plans or homes that had already been viewed before lockdown. We have also been able to continue with agricultural land and building site sales as viewings have not proved an issue.”

Interestingly, the estate agent has noticed a change in buyers’ preferences since the beginning of the lockdown, with more focus now on home office working and outside space.

Preparing for the ‘new normal’, Mr Pollock said he has been embracing new technology, including online virtual viewings through Property Pal and video calls with interested clients.

But he admitted, “While a worthwhile substitute, people will be looking forward to seeing the properties physically in person again.”

With the easing of lockdown restrictions accelerating, the estate agent said that there has been a “notable shift” to clients wanting to talk about moving, viewing and listing.

He said, “We are fully prepared and ready to go once we get the green light, including making physical alterations within our office to allow social distancing and also procedural changes.

“People are mindful of the current low interest rates which make it a really great time to move or those first-time buyers thinking about getting on the property ladder.”