Housing market overview: Q3 2024
Sales Rentals
N.Ireland prices: Q3 2024
Prices by houses and apartments
£212,400
*Excludes New Homes
Houses
£218,600
Apartments
£152,800
Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:
Northern Ireland house sales have experienced a strong rebound, growing by 14% over the past year as confidence surged across the sector during the summer months. Visitors to PropertyPal and enquiries to estate agents have also increased by 15% and 6%, respectively, indicating continued pent-up demand for the remainder of 2024.
Lower mortgage rates are a key driver of these improved market conditions, with expectations of further rate reductions in the coming months. In fact, recent data from the Bank of England reveals that UK-wide mortgage approvals have reached their highest level in two years. House prices are also rising in response, with the average property price now 5.3% higher than a year ago. This upward trend is expected to persist, and potentially accelerate, if mortgage rates continue to decline.
While low housing supply has been a persistent challenge restraining the market in recent years, there are early signs of modest improvement, with new listings for sale up 5% compared to last year. The upcoming UK Budget later this month will be closely watched, with speculation around potential measures to address housing supply barriers but also tax-related issues.
House prices by number of bedrooms
Apartments Houses
House prices across Northern Ireland
& Strabane Causeway Coast & Glens
£245,500
£242,000
Apartments
£295,800 Houses
No. of ‘sale agreed’ properties by quarter, N.Ireland, 2016-2024
No. of agreed sales
Q3 2024
6,671 Q3 2023
5,827 Q3 Avg (2016-2019)
6,468
Sales Volumes up 14% vs Q3 2023 levels and up 3% vs 2016-2019 average.
Top selling areas across Northern Ireland
Average days on market to reach sale agreed, N. Ireland, 2016-2024
Apartments Houses
Average days on market for houses to reach ‘sale agreed’
Average days on market for apartments to reach ‘sale agreed’
New listings on PropertyPal
Location of advertised sales properties
6,155
newly listed properties available to purchase in Q3 2024
New inventory % change vs Q3 2023 5%
Total inventory % change vs Q3 2023 -10%
Number of new residential listings for sale on PropertyPal in Q3, 2018-2024
Proportion of
Listings experiencing price drops similar to historic norms
Proportion of listings with asking price reductions during quarter, N.Ireland, 2016-2024
Proportion of properties listed for sale with asking price reductions during quarter, N.Ireland, 2016-2024
N.Ireland rents: Q3 2024
Rents by houses and apartments
Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the rental market:
Rents in Northern Ireland continue to rise, with double-digit annual growth of 10%, pushing the average rent to £890 per month and intensifying pressures on rental affordability. Demand remains exceptionally high, with an average of 73 enquiries sent to estate agents for each advertised rental property.
In contrast, supply remains at historically low levels. It is vital that both the national government, in the upcoming Budget, and the local Executive recognise the increasing pressures in the private rental market. To alleviate these persistent and growing challenges, efforts must focus on removing barriers to housing supply while providing incentives to boost investment in the private rented sector.
Rents by number of bedrooms
Houses
Apartments
Rents across Northern Ireland
Derry City & Strabane
Causeway Coast & Glens
Average days on market to reach let agreed, N. Ireland, 2016-2024
Average days on market for houses to reach ‘let agreed’
Average days on market for apartments to reach ‘let agreed’ 25
New listings on PropertyPal
Location of advertised rental properties
newly listed properties available to rent in Q3 2024 3,577
New inventory % change vs Q3 2023
Total inventory % change vs Q3 2023 6%
Number of new residential listings for rent on PropertyPal in Q3, 2018-2024
Q3 2024 vs Q3 2023
