Home Buyers Survey
Summer 2022
Introduction
PropertyPal has carried out its third annual survey of home buyers across Northern Ireland, to delve into the housing market trends in the aftermath of the pandemic and in the midst of the current cost of living crisis.
Since Covid hit in 2020, the local housing market has changed drastically. After a four month closure of the entire market from March to June 2020, we saw unprecedented demand for property when it reopened, which carried right through to the end of 2021. Traffic to PropertyPal was up 60% and property enquiry levels were at an all-time high. Now, as demand starts to decline slightly and return back to pre-pandemic levels, we’re entering a cost of living crisis which, undoubtedly, will cause more shifts in the local housing market.
At PropertyPal we are constantly monitoring data to provide accurate insights on the Northern Ireland housing market. Whilst the data we provide on house prices and property sales is invaluable for buyers, sellers and property professionals, we know that it’s just as important to understand what First Time Buyers and Home Movers are actually thinking and feeling. So, for the past two years, through this survey, we’ve been asking buyers and prospective buyers to tell us their experience of looking for and purchasing property, to better understand their preferences, their challenges and the trends across the market.
From this we’ve gained meaningful information on what people want in terms of price, location and property features and their sentiment towards the housing market generally. In this year’s survey, we found that first time buyers are looking for properties in a higher price range compared to last year. 36% of first time buyer respondents intend to buy a property over £180,000, compared to 31% last year.
Preferences towards property type have also changed, with 43% of first time buyers wanting a detached property, compared to 33% last year.
With regards to home movers, 41% intend to buy a property between £200,000 and £300,000, compared to 36% of home mover respondents wanting property in this price range in last year’s survey. The desire to have a bigger home remains the top reason for home movers to purchase.
When it comes to house prices, last year 63% of respondents believed they would rise and 20% thought they would fall. This year, most respondents (54%) still believe they will rise in the next 12 months, but 22% predict they will fall.
This year, we’ve looked at how the current cost of living crisis is impacting property purchasing decisions and have found that around 80% of first time buyers and home movers are currently being negatively affected. And, for half of all those who intend to purchase a property, the rising cost of living has impacted their decision to buy, with three quarters of those now more likely to wait.
We hope these findings provide you with more detailed knowledge of what’s going on in the local housing market on a more personal level. For estate agents and property developers in particular, we’re confident this report will help bring you closer to your customers and their evolving needs.
Key Findings
Top 5 reasons for buying a house last year
QWe asked all buyers who bought a house in the last 12 months what was their main reason for doing so.
To move in with partner
Home buying process
Longerthan8monthsBetween4&8monthsBetween2&4monthsBetween4&8weeks Between2&4weeks Between1&2weeks
QWe asked all buyers who purchased a property in the last 12 months how long it took from sale agreed to getting the keys.
For almost half of all buyers
it took between 2 and 4 months from the property being sale agreed until they got the keys.
this time period was either slightly longer or much longer than anticipated. For 62% of buyers
First Time Buyer
First Time Buyers Home Movers Top 3 Property Location Preferences
Main reasons why prospective First Time Buyers and
Belfast
& Newtownabbey
Lisburn & Castlereagh
& Castlereagh
& North Down
First Time Buyers Home Movers VS
Location Popularity
We asked First Time Buyers and Home Movers to tell us in which area they intend to purchase a property.
Belfast is still the most popular area for both First Time Buyers and Home Movers.
Derry City & Strabane
Causeway Coast & Glens
Fermanagh & Omagh
Antrim & Newtownabbey
Lisburn & Castlereagh
Armagh City, Banbridge & Craigavon
Newry, Mourne & Down
Price range of intended purchase
QWe asked First Time Buyers and Home Movers what their intended price range was for purchasing a home.
Almost 6 in every 10 First Time Buyers
intend to purchase a property up to £180,000
Almost 6 in every 10 Home Movers VS
intend to purchase a property over £200,000
First Time Buyers Home Movers
House Prices in the Next 12 Months
We asked First Time Buyers and Home Movers what they think will happen to house prices in the next 12 months.
84% of First Time Buyers are being negatively affected by the rising cost of living
First Time Buyers Home Movers
VS
How First Time Buyers and Home Movers
are being financially impacted by the rising cost of living
How buyers are dealing with the rising cost of living
70% of Home Movers are being negatively affected by the rising cost of living
your decision
Figures don’t round to 100% due to other options.
First Time Buyers
£10,000-£19,999£20,000-£29,999£30,000-£39,999£40,000-£49,999£50,000-£59,999£60,000-£79,999£80,000-£99,999£100,000-£149,999£150,000-£199,999£250,000-£249,999£250,000+Prefernottosay
We asked First Time Buyers how much of a deposit they intend to have before buying a home.
We asked First Time Buyers what their intended price range was for purchasing a home.
Main Reasons For Buying A Home
Security of owning own home
QWe asked First Time Buyers what their main reasons were for wanting to purchase a property.
Independence
Buying would be cheaper than renting
Want to live with partner
Want control over my personal decisions e.g. decorating, pets
Personal fulfillment
Want a bigger house
Investment / longterm wealth
Location Popularity
We asked First Time Buyers what location they are planning to purchase in.
Belfast
Antrim & Newtownabbey
Lisburn & Castlereagh
Ards & North Down
Causeway Coast & Glens
Banbridge & Craigavon
Newry, Mourne & Down
Mid & East Antrim
Mid Ulster
Fermanagh & Omagh
Derry & Strabane
Highlights
willing to move from current location
Almost 3 in every 4 First Time Buyers intend to purchase a detached or semi-detached house
We asked First Time Buyers which house type they intend to buy.
Q House Prices in the Next 12 Months
We asked First Time Buyers what they think will happen to house prices in the next 12 months.
56% 22% of First Time Buyers think that property prices will rise over the next 12 months of First Time Buyers think that property prices will fall over the next 12 months
Cost of living
We asked First Time Buyers how they are dealing with the rising cost of living
Lifestyle changes e.g. socialising less
Saving
Working
Using existing savings
Looking for a higher paid job
Asking for a pay increase in current job
Additional job
Borrowing from family/friends
Borrowing - loans
Cost of living impact
84% said they are being negatively affected by the rising cost of living Respondents
Are you currently being financially impacted as a result of the rising cost of living?
Cost of living - impact on buying property
Q
We asked First Time Buyers will the rising cost of living impact their decision to purchase in the future.
I am more likely to wait I will be purchasing a cheaper property
I am more likely to buy sooner
Unsure
I will be purchasing a more expensive property
For 1 in 2 buyers, the rising cost of living has impacted their decision to purchase a property.
Home Movers
Home Movers Profiling
£10,000-£19,999£20,000-£29,999£30,000-£39,999£40,000-£49,999£50,000-£59,999£60,000-£79,999£80,000-£99,999£100,000-£149,999£150,000-£199,999£200,000-£249,000£250,000+Prefernottosay
We asked Home Owners how much of a deposit they intend to have before buying a home.
We asked Home Movers what their price range was for purchasing a home.
£100,000-£119,999Under£100,000
£120,000-£139,999
£140,000-£159,999
£160,000-£179,999
£180,000-£199,999
£200,000-£249,999
£250,000-£299,999
£300,000-£399,999
£400,000-£499,999
Main Reasons For Buying A Home
Security of owning own home
Want a garden/more outdoor space
To live in a more rual area
Want a smaller house
Personal fulfillment
To be closer to family
Need space for home/remote working
Moving in with partner
Respondents were given the option to choose multiple answers for this section of the survey.
QWe asked Home Movers what their main reasons were for wanting to purchase a property.
Location Popularity
We asked Home Movers what location they are planning to purchase in.
Lisburn & Castlereagh
Ards & North Down
Antrim & Newtownabbey
Causeway Coast & Glens
Armagh, Banbridge & Craigavon
Newry, Mourne & Down
Mid & East Antrim
Mid Ulster
Fermanagh & Omagh
Derry & Strabane
We
Property Styles
Almost 3 in every 4 Home Movers intend to purchase a detached house
We asked Home Movers which house type they intend to buy.
House Prices in the Next 12 Months
Q
We asked Home Movers what they think will happen to house prices in the next 12 months.
Cost of living
We asked Home Movers how they are dealing with the rising cost of living
Lifestyle changes e.g. socialising less
Saving
Using existing savings
Working more hours
Looking for a higher paid job
Asking for a pay increase in current job
Additional job
Borrowing from family/friends
Borrowing - loans
Cost of living impact
70% said they are being negatively affected by the rising cost of living
Are you currently being financially impacted as a result of the rising cost of living?
Yes - negative impact
No impact Yes - very negative impact
Cost of living - impact on buying property
Q
We asked Home Movers will the rising cost of living impact their decision to purchase in the future.
I am more likely to wait I will be purchasing a cheaper property
I am more likely to buy sooner Unsure I will be purchasing a more expensive property
For over half of home movers, the rising cost of living has impacted their decision to purchase a property.