Jul 17 2024 02:39:00

SALES:

We are pleased to present the Northern Ireland Housing Market Update: Q2 2024 which highlights insights and trends shaping the Northern Ireland housing market over the last 3 months.

The Northern Ireland housing market demonstrated stability in the second quarter of the year. Overall prices have stabilised at an annual growth rate of 3.0%, with supply of new listings increasing by 1.0%. While sales volumes have decreased by 4.0%, the typical time to find a buyer is approximately one week faster than the long-term average, indicating strong underlying buyer demand.

High mortgage rates and the uncertainty surrounding the UK general election somewhat restrained market activity. However, with UK inflation now back to the Bank of England's target, it appears more a question of when, rather than if, interest rates will fall. Market traders are currently divided on the likelihood of the first rate cut occurring next month.

PropertyPal's latest housing market review published in July 2024 outlines the current average sales price in Northern Ireland to be £206,600.  Our own district Newry, Mourne and Down continues to perform above well with an average sale price for the district of £211,300 an 3.2% increase on the 12 months previous.

RENTALS:

Rents in Northern Ireland have continued to experience double-digit annual growth. While there has been a softening in the overall supply - demand imbalance, the disparity remains significant. A considerable influx of new rental properties is required to bring typical rent closer to the pre COVID-19 average of 3.0%.

PropertyPal's latest housing market review published in July 2024 outlines the current average rental price in Northern Ireland to be £871.00 PCM.  Our own district Newry, Mourne and Down continues to perform above well with an average rental price for the district of £739.00 PCM an 7.3% increase on the 12 months previous.