THE residential housing market in Northern Ireland has been experiencing a surge in activity, the likes of which have not been seen for more than a decade.
According to the Northern Ireland Statistics and Research Agency, the last quarter of 2020 was the busiest for residential housing market since the property boom of 2007.
The increased activity has continued into 2021 with experts predicting this pattern will continue for a number of months, as many of us move to our dream home.
A multitude of factors have helped catapult Northern Ireland into the top three performing regions in the UK in terms of house price growth.
According to data from the Nationwide Building Society house prices in Northern Ireland grew by 7.4 per cent in the early part of 2021, with the west Midlands at 7.6 per cent and the north-west of England at 8.2 per cent.
Factors such as buyers putting lifestyle ahead of location as they look to a post-pandemic future along with the stamp duty holiday (extended until June 30) and the 95 per cent mortgage guarantee scheme have all played a part in house prices exceeding expectations.
The self-build sector has also been experiencing sustained growth over the past number of years, with the exception of 2020 when the country was largely in lockdown.
According to the Land & Property Services there were 7,444 projects started in 2017 in Northern Ireland, 8,624 in 2018, some 9,036 in 2019 and 6,046 in 2020.
When it comes to home insurance one policy rarely fits all, but the best insurance brokers will work to tailor a package that best suits your needs.
Buildings insurance covers damage to the structure of your property as well as fixtures and fittings while contents insurance covers the replacement of your belongings if they have been damaged or stolen.
You can also join buildings and contents insurance into one comprehensive policy that gives you an extra layer of cover should the unexpected occur.
Your insurance broker can also tailor your policy to include additional elements. For example, more people are moving home as our remote working capabilities mean they no longer need to live within reasonable commuting time of the office. For these people it may be prudent to add working from home cover to their policy.
For those going down the self-build route there are policies to suit their needs. These policies can cover loss or damage to the property caused by fire, accidental damage, storms, floods, theft or vandalism. They can cover onsite theft of tools, machinery or equipment and provide employer’s and public liability.
Our dedicated team of experts will help readers assess any additional elements of cover you may need, so you have a tailored package that safeguards you and you get the policy that is right for you.
:: Jeni McKelvey is personal lines director at AbbeyAutoline (https://www.abbeyautoline.co.uk)
