Northern Ireland’s average property price has risen to £212,400, a 5.3% annual increase and a 2.6% increase quarterly.
Meanwhile, the average new home property price has risen to £245,500, a 4.8% increase from last year. Average rent now stands at £891 per month which is a significant 10% increase year on year.
The Derry City & Strabane council are has seen the largest annual increase in house prices at 10.4%, while the average number of days on market for a house to reach the ‘sale agreed’ stage is 45 days.
There were 6,671 properties agreed for sale in Quarter 3 of 2024 with sales volumes up 14% on the same quarter last year.
The figures are published in the latest quarterly report from PropertyPal highlighting insights and trends that have shaped the Northern Ireland Housing Market in Q3 2024.
The full report can be accessed here: https://bit.ly/3YcuH9B
Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:
“Northern Ireland house sales have experienced a strong rebound, growing by 14% over the past year as confidence surged across the sector during the summer months. Visitors to PropertyPal and enquiries to estate agents have also increased by 15% and 6%, respectively, indicating continued pent-up demand for the remainder of 2024.
Lower mortgage rates are a key driver of these improved market conditions, with expectations of further rate reductions in the coming months. In fact, recent data from the Bank of England reveals that UK-wide mortgage approvals have reached their highest level in two years. House prices are also rising in response, with the average property price now 5.3% higher than a year ago. This upward trend is expected to persist, and potentially accelerate, if mortgage rates continue to decline.
While low housing supply has been a persistent challenge restraining the market in recent years, there are early signs of modest improvement, with new listings for sale up 5% compared to last year. The upcoming UK Budget later this month will be closely watched, with speculation around potential measures to address housing supply barriers but also tax-related issues.“