Housing market overview: Q4 2024
Sales Rentals
£221,000
*Excludes New Homes
Prices by houses and apartments
Houses
£227,700
£156,100
Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:
The local housing market ended 2024 on a strong note, with renewed confidence and activity driving momentum. Housing transactions, a key indicator of economic confidence, showed encouraging growth with approximately 5,700 newly agreed sales in Q4 - an 11% increase compared to last year. The typical time to find a buyer has also improved, now averaging 47 days, down from the long-term average of over 60 days.
A persistent challenge in recent years has been the lack of new supply, but there are signs of cautious optimism. Newly listed properties for sale increased by 12% over the past year. On the pricing front, the average home now costs around £220,000, marking a 6.4% annual increase and a 1.7% rise over the past three months.
Looking ahead, buyer sentiment remains positive, with search activity on PropertyPal up 15% and enquiries to estate agents increasing at similar levels. While the broader economic backdrop remains uncertain, recent positive inflation data should offer some relief to the Bank of England as they consider future interest rate movements. How quickly this translates to changes in mortgage pricing remains to be seen, but early indicators suggest a busy Q1 for the market.
House prices by number of bedrooms
Houses
Apartments
House prices across Northern Ireland
& Strabane Causeway
& Glens
£253,700
£249,600
Apartments
£304,600 Houses
No. of ‘sale agreed’ properties by quarter, N.Ireland, 2016-2024
No. of agreed sales
Q4 2024
5,682 Q4 2023
5,105 Q4 Avg (2016-2019) 5,778
Sales Volumes up 11.3% vs Q4 2023 levels and down -1.6% 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
‘sale agreed’ Average days on market for
to reach ‘sale agreed’
New listings on PropertyPal
Location of advertised sales properties
4,527
newly listed properties available to purchase in Q4 2024
New inventory % change vs Q4 2023 12%
Total inventory % change vs Q4 2023 -16%
Number of new residential listings for sale on PropertyPal in Q4, 2018-2024
Listings experiencing price drops similar to historic norms
Proportion of listings with asking price reductions during quarter, N.Ireland, 2017-2024
N.Ireland rents: Q4 2024
Rents by houses and apartments
£919p/m
Jordan Buchanan,
Chief Executive Officer at PropertyPal
commented on the rental market:
Rents in Northern Ireland continue to rise, driven by a chronic undersupply of available properties. However, Q4 showed some signs of moderation in rental demand intensity, coinciding with increased activity in the sales market.
A typical rental property now costs around £940 per month, up 9% over the past year and 1.3% in the last three months. This trend is consistent across all regions and property types, reflecting sustained demand. On the supply side, there has been no significant increase in rental stock, with availability rising by just 1% year-on-year.
Looking forward, rental demand is likely to ease further, and the pace of rental growth should continue to moderate. However, the sector’s persistent structural supply challenges will remain a defining feature throughout the year.
Rents by number of bedrooms
Houses
Apartments
Rents across Northern Ireland
Derry
& Strabane
Causeway Coast & Glens
Average days on market to reach let agreed, N. Ireland, 2016-2024 Note: Based on
Average days on market for houses to reach ‘let agreed’
on market for apartments to reach ‘let agreed’ 25
Average
New listings on PropertyPal
Location of advertised rental properties
3,082
newly listed properties available to rent in Q4 2024
New inventory % change vs Q4 2023 1%
Total inventory % change vs Q4 2023 2%
New Rental Listings
Number of new residential listings for rent on PropertyPal in Q4, 2018-2024
