Housing market overview: Q2 2024
Sales Rentals
£206,600
*Excludes New Homes
Prices by houses and apartments
Houses
£213,100
Apartments
£148,800
Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:
The Northern Ireland housing market demonstrated stability in the second quarter of the year. Overall prices have stabilised at an annual growth rate of 3.0%, with supply of new listings increasing by 1.0%. While sales volumes have decreased by 4.0%, the typical time to find a buyer is approximately one week faster than the long-term average, indicating strong underlying buyer demand.
High mortgage rates and the uncertainty surrounding the UK general election somewhat restrained market activity. However, with UK inflation now back to the Bank of England’s target, it appears more a question of when, rather than if, interest rates will fall. Market traders are currently divided on the likelihood of the first rate cut occurring next month.
Additionally, the UK economy experienced an unexpected rebound in May, supporting the growth ambitions of the new Labour government. The impact on the housing market will become clearer in the coming months, but the new Chancellor has stated that proposed planned reforms will unlock housebuilding and stimulate the construction industry.
House prices by number of bedrooms
Apartments Houses
House prices across Northern Ireland
Derry
& Strabane Causeway Coast & Glens
N.Ireland prices: Q2 2024
in
£240,300
£240,000
Apartments
£242,600 Houses
No. of agreed sales
No. of ‘sale agreed’ properties by quarter, N.Ireland, 2016-2024
Q2 2024
6,343 Q2 2023
6,626 Q2 Avg (2016-2019)
6,660
Volumes
Top selling areas across Northern Ireland
Apartments Houses
Average days on market to reach sale agreed, N. Ireland, 2016-2024 Note:
Average
New listings on PropertyPal
Location of advertised sales properties
newly listed properties available to purchase in Q2 2024 6,113
5,525 houses 588 apartments
New inventory % change vs Q2 2023 1%
Total inventory % change vs Q2 2023 -10%
New Sales Listings
Number of new residential listings for sale on PropertyPal by quarter, 2018-2024
Proportion
Listings experiencing price drops similar to historic norms
Proportion of properties listed for sale with asking price reductions during quarter, N.Ireland, 2016-2024
N.Ireland rents: Q2 2024
Rents by houses and apartments
£869p/m
Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the rental market:
Rents in Northern Ireland continue to experience double-digit annual growth, with the average rent now over £870 per month in Q2 2024. Over the past three months, there have been an average of 66 enquiries per advertised rental on PropertyPal. The greatest pressures are in the Mid & East Antrim and Ards & North Down areas, closely followed by Belfast.
While there has been some softening in the overall supply-demand imbalance, the disparity remains significant.
A considerable influx of new rental properties is required to bring typical rent growth closer to the pre-COVID-19 average of 3.0%.
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
Average days on market for houses to reach ‘let agreed’
Average days on market for apartments to reach ‘let agreed’
New listings on PropertyPal
Location of advertised rental properties
newly listed properties available to rent in Q2 2024 2,899
1,073 apartments 1,826 houses
New inventory % change vs Q2 2023
Total inventory % change vs Q2 2023
New Rental Listings
Number of new residential listings for rent on PropertyPal by quarter, 2018-2024
