Buyer demand in Northern Ireland’s housing market has remained strong during the Autumn despite some uncertainty relating to the upcoming UK Budget, according to PropertyPal’s latest monthly market snapshot.
October saw sales enquiries 21.7% higher than in the same month of 2024, with sales volumes 3% above the long-term average. Average prices reached £237,918, which is 6.5% higher than in October 2024, representing an increase of over 40% since the start of 2020.
Despite some uncertainty relating to the UK Budget, the expectation is that on balance, there will be further interest rate cuts in the coming months, which would improve affordability alongside recent strength in local earnings and provide further momentum to an already resilient sales market.
In the rental market, whilst headline rents continued to increase, the rate of growth has been moderating, and now sits at 5.8% on a year-on-year basis with the average rent now £992. Rental enquiries were lower than in October 2024 (-4.1%) representing a slowdown from extremely high levels.
- Sales enquiries: +21.7%
- Newly agreed sales: 2,363
- PropertyPal website traffic: +6.9%
- Average house price: £237,918
- Average listed time to reach sale agreed: 46 days
- NI average rent: £992
Jordan Buchanan, Chief Executive Officer at PropertyPal, commented on the October housing market: “Buyer demand has remained strong throughout the autumn, with around 2,400 newly agreed sales in October, 3% above the 10-year average. Properties are continuing to move at pace during their marketing phase, taking an average of 46 days to find a buyer, broadly in line with last year, and still quicker than long-term norms.
“While the rate of house price growth has eased slightly in recent months, prices remain on an upward trend, having grown by over 40% since the start of 2020. The average home now stands at £238,000, up 6.5% over the past year, and among the fastest-growing price levels across the UK, with similar growth confirmed by both Halifax and Nationwide indices.
“Looking ahead, the underlying market signals remain positive. Search activity on PropertyPal is up 7% year-on-year, and agent enquiries have increased by 22%, suggesting a strong pipeline of activity as we move towards 2026.
“However, the upcoming UK Budget introduces a degree of uncertainty. While it has so far had limited impact on local sentiment, speculation is building around potential property tax reforms and broader revenue-raising measures. The economic and fiscal outlook will be closely watched and under considerable scrutiny, given the challenging backdrop of high inflation, a cooling labour market, and subdued economic growth.
“A key factor will be how markets respond to the Budget and what it signals for the future path of interest rates. On balance, current evidence suggests further cuts are likely in the coming months. If this materialises, it will improve affordability alongside recent strength in local earnings and provide further momentum to an already resilient market,” he adds.