The report, published by Benham and Reeves in December 2023, examines house price growth at regional and local levels, and underscores Northern Ireland’s strong performance in 2023, showcasing a 2.5% rise in average house prices and typical gains of £4,406 in housing stock.
This growth starkly contrasts with the trends observed in England and Wales, where house prices experienced declines of -1.1% and -2.4%, respectively.
Commenting on the report, Rachel Smyth, director at Ulster Property Sales, Newtownards said “2023 was a very strong year for our 12 branches, in terms of new listings, sales and rentals, and our team is already witnessing an upward lift in enquiries, valuations, and listings for the year ahead.
“As we move into 2024, we are preparing to launch our 13th branch in Donaghadee, an area which has seen very strong growth for us.
“We are still experiencing a lot of people relocating back to Northern Ireland due to the affordability, the excellent education system and quality of life on offer here. The lower, mid and higher-end markets all performed very well, with many houses experiencing an above-listing price sale, with multiple offers. This is a trend we believe is set to continue.”
Chris Smyth who is director at the Ballyhackamore branch continued: “As we navigate into 2024, we are already seeing an uplift in business compared to the same period in 2023.
“The timing for prospective sellers is very strong. Northern Ireland’s positive trajectory in house price growth, coupled with reduced market stock and enhanced buyer confidence following recent interest rate stabilisation, positions the local market favourably for those contemplating property transactions.”
Chris concluded: “In addition, banks, building societies and lenders anticipate that this heightened activity may gain confidence in lending, potentially resulting in lower rates as the year unfolds. We are looking forward to a buoyant 2024.”
Ulster Property Sales proudly stands as Northern Ireland’s longest-established estate agents, defining a legacy of excellence in the local estate agency market. With an impressive track record, the firm has solidified its position by successfully facilitating the sale of 1 in 8 properties across the region.
Rachel & Chris Smyth
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