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Posted on: Tuesday, February 20, 2024
Nestled along the scenic banks of the River Bann in Northern Ireland lies the charming town of Coleraine. Steeped in history, surrounded by natural beauty, and brimming with opportunity, Coleraine has become an increasingly popular destination for individuals and families seeking a vibrant yet peaceful lifestyle. Coleraine boasts a rich tapestry of history and culture, evident in its historic landmarks, such as the iconic Mussenden Temple perched dramatically atop the cliffs overlooking the Atlantic Ocean.
One of the most compelling reasons people are drawn to Coleraine is its breathtaking natural beauty. The town serves as a gateway to the stunning Causeway Coast, a UNESCO World Heritage Site renowned for its dramatic cliffs, secluded beaches, and the iconic Giant's Causeway—an otherworldly landscape of interlocking basalt columns formed by ancient volcanic activity. Whether hiking along the Causeway Coast Way, exploring the rugged coastline, or simply taking a leisurely stroll along the River Bann, outdoor enthusiasts will find endless opportunities to connect with nature in Coleraine.
Coleraine isn't just a haven for nature lovers; it's also a hub of economic activity and educational excellence. Home to the Coleraine campus of Ulster University, the town attracts students from around the globe, fostering a diverse and dynamic community. The university's presence contributes significantly to the local economy and cultural vibrancy, with its research initiatives driving innovation and entrepreneurship in the region. Beyond academia, Coleraine boasts a thriving economy supported by a diverse range of industries, including retail, hospitality, and manufacturing. The town's strategic location—within close proximity to both Belfast and Londonderry—makes it an attractive destination for businesses seeking connectivity to larger markets while offering residents the opportunity to enjoy a more relaxed pace of life.
Bensons Estate Agents, a RICS Registered firm with over 60 years’ experience in the local marketplace, is located in Coleraine and specialise in all aspects of property including residential, commercial, and agricultural property.
Their area is predominantly centered around Coleraine, with the coastal towns of Portstewart, Portrush, Castlerock and Portballintrae within a 5-mile radius. The return of The Open to Royal Portrush Golf Club in July 2025 will once again focus attention on the area. The experience of the last hosting of The Open in 2019 resulted in an increased demand for property and rising property prices. In anticipation of the return of the golf there are several high profile new coastal developments being finalized, with the anticipation to commence marketing in the build up to the golf.
After the volatility with mortgage rates, we have finally seen a period of stability with the base rate settling at 5.25% and the Bank of England Monetary Committee avoiding any further immediate increases. Lenders have now started to price their products more competitively and as a result we are noticing more prospective buyers being able to access affordable finance once again. This factor together with a limited supply of stock has resulted in competitive bidding on highly sought-after locations when they become available. This has helped bring confidence to the market with buyers once again being able to market their property with the expectation of securing a sale.
During the COVID Pandemic the North Coast became a popular Staycation location, with large numbers of visitors, many of whom had never visited before. A legacy of this phenomenon has been that we have noticed an increased level of interest for people wishing to relocate to the area, to avail of our relatively competitive house prices when compared to other regions of the UK. The change in working practices and ability to work remotely has also helped influence this decision for many.
The average house price at the end of 2023 was £208,300, above the NI average. Causeway Coast and Glens Council Area has a population of around 142,000 and 78% of housing stock is either detached or semi-detached properties. The main tourist attractions include Giants Causeway, Royal Portrush Golf Club, Old Bushmills Distillery, range of world-famous beaches and Dark Hedges which is famous from The Game of Thrones.
If you are seeking to know more about property in Northern Ireland, search for properties in Coleraine or get in touch with Daniel Henry, Partner at Bensons Estate Agents.