Feb 11 2022 04:47:00

Sales:

The housing market enters 2022 with substantial momentum. Quarter 4 2021 produced 8% greater transaction activity than pre-pandemic levels but 16% lower than Q4 levels in 2020. However, in relation to the dip on Q4 2020 levels, we must take into consideration the pent-up demand that we experienced nationwide as we came out of the first lockdown in 2020. It is unlikely this spike will be matched in the foreseeable future as we near the end of Covid restrictions.

The average asking price in Northern Ireland in 2021 increased 5.5% to £180,700.  Our own district Newry, Mourne and Down continues to perform extremely well with an average selling price of £182,600, an increase of 5.7% on the 12 months previous.

Comparable:

South of Ireland – £242,000 (€290,000), 7.7% increase on 2020

England - £285,000, 9.8% increase on 2020

Scotland - £293,000, 7% increase on 2020

Wales - £203,000, 15.5% increase on 2020

Rentals:

Rent pressures haven’t eased either with PropertyPal's latest housing market review confirming their enquiries have increased 47% and overall market growth was up 5.4% on 2020.

The average rental price in Northern Ireland now stands at £698.00 PCM.  Our own district of Newry, Mourne and Down continues to perform well with an average rental price for the district of £603.00 PCM a 7% increase on the 12 months previous.

Comparable:

South of Ireland – £1,170,000 (€1,397), 8.3% increase on 2020

England - £1,064, 8.5% increase on 2020

Scotland - £747, 9.4% increase on 2020

Wales - £724, 7.7% increase on 2020

New supply in the sales and rentals market is broadly keeping with 2020 levels but a lot more is required to fill the gap in the market.

If you are thinking of selling or renting in 2022, it would be a pleasure to offer you a FREE VALUATION of your property.

Please contact Kernan Property Services on 02830 868404 or email: aaron@kernanpropertyservices.com