April marked the busiest start to Q2 for residential property sales in four years, according to PropertyPal’s latest market report. House sales were 5% higher versus April 2024 and homes sold on average 13 days faster.
The leading property portal indicates more than 2,200 homes were sold last month, with the average time to reach sale agreed at 37 days. PropertyPal also had a significant uplift in website traffic, with 9% more visits than a year ago. Sales enquiries were also up 7% in the same timeframe.
Meanwhile, house prices have continued their upward trend with an annual increase of 8.9%, while the average new build price reached £264,104, marking an increase of 8.3% from April 2024.
Jordan Buchanan, Chief Executive Officer at PropertyPal, commented on the housing market: “April saw continued momentum in the Northern Ireland housing market, with activity levels expected to remain strong into the summer. Leading indicators such as website traffic and estate agent enquiries have both grown over the past year, helping drive a 5% increase in sales volumes compared to April 2024. The time taken to find a buyer continues to trend below the long-term average, highlighting the strength of underlying demand.
“This robust performance has contributed to a further acceleration in price growth, with the average property now valued at around £233,000, up 8.9% year-on-year and among the highest rates of growth across any UK region.
“The recent decision by the Bank of England to cut interest rates is expected to pass through in the form of slightly lower mortgage rates in the coming months, which should add further support to the market. That said, the medium-term outlook remains more uncertain. The UK and Northern Ireland is expected to see weaker economic growth resulting from global trade tensions and domestic fiscal pressures.”
Key findings (vs April 2024):
• House sales: +5%
• PropertyPal website traffic: +9%
• Sales enquiries: +7%
• Rental enquiries: -4%
• Average price of a new build: +8.3% (£264,104)
• Average listed time to reach sale agreed: 37 days