Northern Ireland Housing Market Update: Q4 2024

Northern Ireland Housing Market Update Q4 2024

Housing market overview: Q4 2024 Sales

Rentals

All properties (average)*

All properties (average)

£221,000

£942p/m

*Excludes New Homes

Annual price growth

Quarterly price growth

Houses

 6.4%

 1.7%

Annual rent growth

 9.0%

Quarterly rent growth

Apartments

Houses

Apartments

 1.3%

£227,700

£156,100

£955p/m

£919p/m

Annual price growth

Annual price growth

Annual rent growth

Annual rent growth

 6.2%

 8.3%

 9.0%

 9.1%

Quarterly price growth

Quarterly price growth

Quarterly rent growth

Quarterly rent growth

 1.7%

 1.8%

 0.8%

 1.9% PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 2

SALES N.Ireland prices: Q4 2024

Prices by houses and apartments Houses

Apartments

£240,000 £220,000

All properties*

£221,000

£200,000 £180,000

*Excludes New Homes

Annual price growth

 6.4%

Quarterly price growth

 1.7%

£160,000 £140,000 £120,000

Houses

£227,700

 1.7%

Annual price growth

 8.3% Apartments

£156,100

Quarterly price growth

 1.8%

20 23

20 22

20 21

20 20

Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:

20 19

Quarterly price growth

 6.2%

20 18

£80,000

20 17

Annual price growth

20 24

£100,000

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.

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 3

House prices by number of bedrooms Apartments

£200,000

£150,000

£150,000

£100,000

£100,000

£50,000

£50,000

£0

£0

Houses

Average price

Annual price growth

Quarterly price growth

2 bed

£130,700

5.9%

1.6%

3 bed

£179,900

5.5%

4 bed

£306,800

5+ bed All houses

*Data excludes New Homes

Apartments

20 24

£200,000

1 bed

20 23

£250,000

2 bed

20 21

£250,000

3+ bed

20 17

£300,000

20 24

£300,000

20 23

£350,000

20 22

£350,000

20 21

£400,000

20 20

£400,000

20 19

£450,000

20 18

£450,000

20 17

£500,000

20 20

2 bed

3 bed

20 19

4 bed

20 18

5+ bed

£500,000

20 22

Houses

Average price

Annual price growth

Quarterly price growth

1 bed

£110,600

9.2%

1.7%

1.2%

2 bed

£147,600

8.9%

2.2%

7.0%

1.5%

3+ bed

£240,700

5.3%

0.4%

£471,200

6.9%

3.8%

All apartments

£156,100

8.3%

1.8%

£227,700

6.2%

1.7%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 4

House prices across Northern Ireland Causeway Coast & Glens

all properties

£241,400 annual

 6.6%

Northern Ireland

Mid & East Antrim

all properties

All properties

£190,100

quarterly

annual

 1.8%

£221,000

quarterly

 4.3%

 0.5%

Annual price growth

 6.4%

Causeway Coast & Glens

Derry City & Strabane

Quarterly price growth

 1.7%

all properties

£197,800 annual

 12.3%

Antrim & Newtownabbey

Mid & East Antrim

quarterly

 2.5%

all properties

Derry City & Strabane

£195,300 Antrim & Newtownabbey

annual

Ards & North Down

Mid Ulster

quarterly

 7.5%

 1.6%

Belfast

Fermanagh & Omagh

Fermanagh & Omagh

all properties

£192,200 annual

 1.8%

Belfast

Lisburn & Castlereagh

all properties

£214,000 annual

Armagh City, Banbridge & Craigavon

quarterly

 2.4%

quarterly

 8.5%

Newry, Mourne & Down

 1.0%

Ards & North Down all properties

£272,200

Mid Ulster

annual

all properties

 7.3%

£190,600 annual

 3.9%

quarterly

 1.7%

Armagh City, Banbridge & Craigavon all properties

£195,300 annual

 3.4%

*Data excludes New Homes

quarterly

 0.1%

quarterly

 2.1%

Lisburn & Castlereagh Newry, Mourne & Down all properties

£241,200 annual

 6.5%

quarterly

all properties

£261,900 annual

 4.8%

quarterly

 1.9%

 1.2%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 5

NEW HOMES N.Ireland prices: Q4 2024

New Homes Annual growth in average listed prices, N.Ireland, 2017-2024

All properties

£253,700 Annual price growth

 4.7%

Quarterly price growth

 1.2%

20% 18% 16% 14% 12% 10% 8%

Annual price growth

 2.5%

Houses

£249,600

Quarterly price growth

 1.0%

6%

4.7%

4% 2% 0%

Apartments

£304,600

20 24

20 23

20 22

20 21

20 20

20 19

-*

20 18

Annual price growth

20 17

-2%

Quarterly price growth

-*

*Undisclosed due to low sample size

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 6

Sale agreed properties

No. of agreed sales

No. of ‘sale agreed’ properties by quarter, N.Ireland, 2016-2024 10,000

9,000

Q4 2024

5,682

8,000

7,000

Q4 2023

6,000

5,105

5,000

4,000

Q4 Avg (2016-2019)

5,778

3,000

2,000

1,000

Sales Volumes up 11.3% vs Q4 2023 levels and down -1.6% vs 2016-2019 average.

*Data includes New Homes

20 24

20 23

20 22

20 21

20 20

20 19

20 18

20 17

20 16

0

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 7

Top selling areas across Northern Ireland ‘Sale agreed’ properties in Q4 2024 by council area

No. of ‘sale agreed’ properties by detailed location, Q4 2024

1,200

1,000

800

600

400

200

*Data includes New Homes

M id Ul Fe st rm er an ag h & Om ag h

Ar ds &

Be lfa st

Ar m No ag h, rt h Ba Do nb w rid n ge & Cr ai Li ga sb vo ur n n & Ca An st le tr re im ag & h Ne w to w na bb ey M id & Ea st Ca An us tr ew im ay Co as t& Ne Gl w ry en ,M s ou rn e & Do w De n rr y& St ra ba ne

0

Area

Sales

Council Area

Titanic

188

Belfast

Botanic

171

Belfast

Ormiston

153

Belfast

Lurgan

143

Armagh, Banbridge & Craigavon

Lisnasharragh

141

Belfast

Craigavon

136

Armagh, Banbridge & Craigavon

Castlereagh South

128

Lisburn & Castlereagh

Newtownards

124

Ards & North Down

Bangor Central

118

Ards & North Down

Castlereagh East

117

Lisburn & Castlereagh

Ballyclare

116

Antrim & Newtownabbey

Castle

116

Belfast

Bangor West

116

Ards & North Down

Coleraine

111

Causeway Coast & Glens

Oldpark

108

Belfast

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 8

Average days on market to reach sale agreed Average days on market to reach sale agreed, N. Ireland, 2016-2024 Houses

Average days on market for houses to reach ‘sale agreed’

Apartments

80

70

60

2016-2019 avg

63

days

52

days

Q4 2024

47

days

40

Average days on market for apartments to reach ‘sale agreed’

30

20

10 2016-2019 avg

64

20 24

20 23

20 22

20 21

20 20

20 19

20 18

20 17

0

20 16

No. of days

50

Q4 2023

days

Q4 2023

54

days

Q4 2024

49

days

Note: Based on listed property date until ‘sale agreed’ within 6 months of listing

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 9

New listings on PropertyPal

Location of advertised sales properties Mid Ulster

4,527

newly listed properties available to purchase in Q4 2024

New inventory % change vs Q4 2023

 12%

5%

Fermanagh & Omagh

4%

Belfast

23%

Derry City & Strabane

5%

Newry, Mourne & Down

7%

Causeway Coast & Glens

7%

Ards & North Down

13%

Mid & East Antrim

Total inventory % change vs Q4 2023

-16%

7%

Antrim & Newtownabbey

Armagh City, Banbridge & Craigavon

9%

Lisburn & Castlereagh

11%

10%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 10



New Sales Listings Number of new residential listings for sale on PropertyPal in Q4, 2018-2024

Q4 2024 vs Q4 2023

 12%

6,000

5,000

4,000

3,000

2,000

1,000

20 24

20 23

20 22

20 21

20 20

20 19

20 18

0

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 11

Market Demand: Sales Enquiries; listings ratio (Sale properties only), 2017-2024

50

40

30 26

20

10

Enquiry methodology updated to reflect all agent enquiries and is not comparable with previous releases.

20 24

20 23

20 22

20 21

20 20

20 19

20 18

20 17

0

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 12

Listings experiencing price drops similar to historic norms Proportion of listings with asking price reductions during quarter, N.Ireland, 2017-2024

8%

7%

5% 4%

4%

3%

2%

1%

20 24

20 23

20 22

20 21

20 20

20 19

20 18

0% 20 17

Proportion of total listings for sale

6%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 13

RENTALS

Rents by houses and apartments

N.Ireland rents: Q4 2024

Houses

Apartments

£1,000

All properties

£900

£942 Annual rent growth

 9.0%

Quarterly rent growth

 1.3%

Average rent per month

p/m £800

£700

£600 Annual rent growth

20 24

20 23

20 22

20 21

20 20

 0.8%

20 19

£955p/m

Quarterly rent growth

20 18

Houses

£500

20 17

 9.0%

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.

Annual rent growth

 9.1%

Apartments

£919p/m

Quarterly rent growth

 1.9%

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.

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 14

Rents by number of bedrooms

£1,600

£1,600

£1,500

£1,500

£1,400

£1,400

£1,300

£1,300

£1,200

£1,200

£900 £800 £700

£1,100 £1,000 £900 £800 £700

£300

£200

£200

£100

£100

£0

£0 20 24

20 17

£300

20 23

£400

20 22

£500

£400

20 21

£500

20 20

£600

20 19

£600

Houses

Average rent p/m

Annual rent growth

Quarterly rent growth

2 bed

£776

8.6%

1.5%

3 bed

£869

8.6%

4 bed

£1,217

5+ bed All houses

1 bed

Apartments

20 24

£1,000

2 bed

20 23

£1,100

20 20

Average rent per month

£1,700

20 18

3+ bed

£1,800

20 22

2 bed

20 19

3 bed

£1,700

20 17

Average rent per month

4 bed

20 18

5+ bed

£1,800

Apartments

20 21

Houses

Average rent p/m

Annual rent growth

Quarterly rent growth

1 bed

£713

7.3%

2.3%

1.1%

2 bed

£893

9.2%

2.2%

8.5%

0.8%

3+ bed

£1,233

10.1%

1.2%

£1,659

12.1%

-0.7%

All apartments

£919

9.1%

1.9%

£955

9.0%

0.8%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 15

Rents across Northern Ireland Causeway Coast & Glens

all properties

£769p/m

annual

 4.6%

Northern Ireland

Mid & East Antrim

all properties

All properties

£765p/m

quarterly

annual

 0.3%

£942p/m

quarterly

 8.8%

 0.9%

Annual price growth

 9.0%

Causeway Coast & Glens

Derry City & Strabane

Quarterly price growth

 1.3%

all properties

£798p/m

annual

 8.6%

Antrim & Newtownabbey

Mid & East Antrim

quarterly

 2.8%

all properties

Derry City & Strabane

£806p/m

Antrim & Newtownabbey

annual

Ards & North Down

Mid Ulster

quarterly

 9.1%

 1.3%

Belfast

Fermanagh & Omagh

Fermanagh & Omagh

all properties

£700p/m

annual

 9.9%

Belfast

Lisburn & Castlereagh

all properties

£1,102p/m annual

Armagh City, Banbridge & Craigavon

quarterly

 1.9%

quarterly

 9.8%

Newry, Mourne & Down

 1.3%

Ards & North Down all properties

£941p/m

Mid Ulster

annual

all properties

 7.4%

£711p/m

annual

 9.4%

quarterly

 1.6%

Armagh City, Banbridge & Craigavon all properties

£744p/m

annual

 6.3%

quarterly

 0.8%

quarterly

 1.2%

Lisburn & Castlereagh Newry, Mourne & Down all properties

£810p/m

annual

 6.9%

quarterly

all properties

£955p/m

annual

 10.1%

quarterly

 1.7%

 1.5%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 16

Average days on market to reach let agreed Average days on market to reach let agreed, N. Ireland, 2016-2024 Houses

Apartments

Average days on market for houses to reach ‘let agreed’

50

40

37

30

days

Q4 2023

25

days

Q4 2024

29

days

Average days on market for apartments to reach ‘let agreed’

20

10

2016-2019 avg

39

20 24

20 23

20 22

20 21

20 20

20 19

20 18

20 17

0

20 16

No. of days

2016-2019 avg

days

Q4 2023

26

days

Q4 2024

28

days

Note: Based on listed property date until ‘let agreed’ within 6 months of listing

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 17

New listings on PropertyPal

Location of advertised rental properties Derry City & Strabane Newry, Mourne & Down

3,082

5%

Fermanagh & Omagh

2%

5%

Causeway Coast & Glens

5%

newly listed properties available to rent in Q4 2024

Antrim & Newtownabbey

6%

Belfast

39%

New inventory % change vs Q4 2023

 1%

Total inventory % change vs Q4 2023

 2%

Mid Ulster

6%

Mid & East Antrim

7%

Lisburn & Castlereagh

7%

Ards & North Down

9%

Note: analysis based on traditional fixed term letting properties. Does not include short term lets, holiday lets, single room and other non fixed term lets.

Armagh City, Banbridge & Craigavon

10%

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 18

New Rental Listings Number of new residential listings for rent on PropertyPal in Q4, 2018-2024

Q4 2024 vs Q4 2023

 1%

5,000

4,000

3,000

2,000

1,000

20 24

20 23

20 22

20 21

20 20

20 19

20 18

0

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 19

Market Demand: Rentals Enquiries; listings ratio (Rental properties only), 2017-2024

120

100

80

60 46 40

20

20 24

20 23

20 22

20 21

20 20

20 19

20 18

20 17

0

PropertyPal: Northern Ireland Housing Market Update Q4 2024 | 20

PropertyPal

Chief Executive Officer

Follow us online

Jordan Buchanan

 www.propertypal.com

 jordan.buchanan@propertypal.com

@PropertyPal



PropertyPal



@propertypal

@jbuchanan0707

Methodology: The price and rental statistics are based on arithmetic averages of newly listed properties based on advertised asking price/rents in each calendar month. The price and rental indices produced are weighted to reflect the market share of each property type. The data has been cleansed to remove outliers and anomalies. This report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology.

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