Northern Ireland’s housing market is closing out 2024 on a strong note, according to the latest monthly report from PropertyPal, with prices and enquiries rising and sales being agreed more quickly.
The volume of sales enquiries was up 6% in November compared to the same month last year, and average house prices were up 6.4% in the same period. Notably, the average new build home price reached £250,000 for the first time, up 6.7% in the last 12 months.
Traffic to PropertyPal continued to be firmly above last year too, up 20% versus November 2023, whilst house sales were up 0.3% in the same timeframe.
The typical time to sale agreed in November 2024 was 48 days, 5 days faster compared to November 2023.
Jordan Buchanan, Chief Executive Officer at PropertyPal commented: “The Northern Ireland housing market is closing out 2024 on a strong note, outperforming other UK regions. Over the past year, house prices have grown by 6.4%, accompanied by a similar rise in buyer demand sent to estate agents. With a healthy jobs market and mortgage rates softening in recent months, this momentum looks set to continue into 2025.”
Key findings:
- PropertyPal website traffic increased 20% vs. November 2023
- Sales enquiries increased 6% vs. November 2023
- There were 1,939 house sales, a 0.3% increase vs. November 2023
- The average price of a new build is £250,000, a 6.7% increase vs. November 2023
- The listed time to reach sale agreed averaged at 48 days