Monthly Market Snapshot: October 2024

Introducing the October 2024 edition of our Monthly Market Snapshot, where we examine the latest trends and developments in the Northern Ireland housing market. This report offers a thorough analysis of market performance, providing essential insights for buyers, sellers and industry professionals.

Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:

Last month saw significant growth in the residential sales market, with strong performance across all key metrics. Over the past year, PropertyPal searches have risen by 16%, enquiries to estate agents by 14%, and most notably, newly agreed sales by an impressive 22%. This activity has contributed to upward pressure on prices, with the average house price now 6% higher than a year ago.

Looking ahead, the path of interest rates remains a key source of uncertainty for the market in the coming year. While the Bank of England recently reduced the base rate, this was already largely reflected in lenders’ mortgage rates. Since the UK Budget, mortgage rates have edged upward, signalling expectations that the path of interest rates for 2025 could be slightly higher than previously anticipated.

Thank you for reading! If you're interested in learning more about PropertyPal's market reports or need additional information on the Northern Ireland housing market, please reach out to us at [email protected]. A member of our team will be happy to assist you.

For media enquiries, please contact us at [email protected].

Stay informed with the latest market insights by visiting our blog regularly!