Average property price: £239,234
House prices: +3.8%
Number of sale agreed properties: 6,699
Average rent: £1,013p/m
Rental growth: +3.8%Average enquiries per rental property: 63
Commenting on the housing market, Jordan Buchanan, Chief Executive Officer at PropertyPal stated:
“Northern Ireland's housing market continued to perform robustly across the second quarter of the year, with average prices now sitting at around £240,000, up 3.8% annually, having eased slightly from the exceptional 5.0% pace recorded in Q1. In practical terms, that annual growth has added almost £9,000 to the value of the average local home over the past 12 months.
Enquiries to estate agents per advertised property were up 7% on last year, pointing to a healthy pipeline heading into the summer months, while properties are typically being agreed within 36 days, around two weeks faster than the long-term norm.
Supply pressures remain a defining feature of the market. Around 6,500 new second-hand listings were added to the market in the quarter, fewer than the number of transactions agreed, meaning stock available to buyers has continued to tighten. Alongside the well-documented challenges facing new-build supply, this remains a core constraint on activity, set against a strong demand backdrop.
Recent improvements in macroeconomic conditions point towards a gradual easing in mortgage rates, while the local economy remains a bright spot, with steady growth, a strong labour market and real wage growth supporting affordability. Together, this should improve household confidence and support market conditions through the remainder of the year.”
