Jun 21 2022 01:20:00
NI Market Trends Q1 2022
The opening quarter of 2022 has shown continued momentum in the market performance, albeit activity and prices have cooled considerably compared to last year. An ongoing shortage of available properties has provided upward pressure on prices with demand remaining strong.
Rising cost of living, higher mortgage rates and squeezed affordability alongside a weaker economic outlook suggest price growth will continue to moderate later in the year.
The market as a whole has experienced a drop in available supply. Our own district of NM&D has seen a drop 0f 50% pre-covid levels. However, we have seen some encouraging signs of a pick up in supply in recent weeks.
The average asking price in Northern Ireland in 2021 increased 5.0% to £183,700. Our own district Newry, Mourne and Down continues to perform extremely well with an average selling price of £186,700, an increase of 5.9% on the 12 months previous.
The market dynamics continue to be driven by a significant supply shortage against a large pool of competing tenants with overall demand more than double pre-pandemic levels.
Rent inflation continues to outstrip wage growth and affordability pressures are growing, particularly for low-mid income households.
The average rental price in Northern Ireland now stands at £711.00 PCM. Our own district of Newry, Mourne and Down continues to perform well with an average rental price for the district of £617.00 PCM an 8.3% increase on the 12 months previous.