“The housing market continues to show considerable momentum despite the mounting pressure on household finances and rising mortgage rates. However, a two-speed market has emerged with new build house prices growing at 18% over the previous 12 months compared to a more modest 5% for resale properties. A weaker economic outlook is expected to weigh on housing activity later this year and further price moderation is expected. But buyer demand and enquiry levels remain strong, newly agreed sales are at stable levels and a persistent property shortage will keep upward momentum on prices. Further interest rate increases are expected and buyers planning to move should lock in deals as soon as possible to avoid higher repayments down the line.
Number of new listings of properties for sale on PropertyPal by calendar month; 2015-2022
No. of ‘sale agreed’ properties by quarter, N.Ireland, 2016-2022
% Change in house sales by number of bedrooms vs Q2 2019 vs Q2 2021
Top selling areas across Northern Ireland
Average days on market to reach ‘sale agreed’, N. Ireland, 2019-2022
Apartments Houses
Note: Based on listed property date until ‘sale agreed’ within 6 months of listing
Average days on market for houses to reach ‘sale agreed’
days
Average days on market for apartments to reach ‘sale agreed’ 35 days 41 days
days Q2 2021 vs. Q2 2022
£223,500
N.Ireland rents: Q2 2022
Rents by houses and apartments
The rental market dynamics continue to be driven by a chronic undersupply of affordable rental accommodation. Total available properties during June was down 57% compared to levels before covid-19. Meanwhile, tenant demand has surged to record highs with an average of 64 enquiries for each rental property advertised. This imbalance has contributed to higher rents with an average increase by 1.9% over the last 3 months and by 6.4% over the last year, equivalent to £44 per month or £526 per annum.
New listings on PropertyPal
Location of advertised rental properties
3,226
new properties available to rent in Q2 2022
New inventory % change vs. Q2 2021 Total inventory % change vs. Q2 2021 -7% -29%
1,917 houses
1,309 apartments
Rents by number of bedrooms
Houses
Apartments
Rents across Northern Ireland
Derry City & Strabane
Causeway Coast & Glens
Rental market - Supply demand imbalance persists
Supply - down 10% on June 2021 levels
Note: Market demand based on enquiries to estate agents for property viewings and homebuyer services Number of new listings of properties for rent on PropertyPal by calendar month; 2015-2022
Demand - up 22% on June 2021 levels
Average days on market to reach ‘let agreed’, N. Ireland,
Apartments Houses
Average days on market for houses to reach ‘let agreed’
days
days
Average days on market for apartments to reach ‘let agreed’
