NI Housing Market Update: Q4 2024

Introducing the Q4 2024 edition of our Northern Ireland Housing Market Update, 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:

The local housing market ended 2024 on a strong note, with renewed confidence and activity driving momentum. Housing transactions, a key indicator of economic confidence, showed encouraging growth with approximately 5,700 newly agreed sales in Q4—an 11% increase compared to last year. The typical time to find a buyer has also improved, now averaging 47 days, down from the long-term average of over 60 days.

A persistent challenge in recent years has been the lack of new supply, but there are signs of cautious optimism. Newly listed properties for sale increased by 12% over the past year. On the pricing front, the average home now costs around £220,000, marking a 6.4% annual increase and a 1.7% rise over the past three months.

Looking ahead, buyer sentiment remains positive, with search activity on PropertyPal up 15% and enquiries to estate agents increasing at similar levels. While the broader economic backdrop remains uncertain, recent positive inflation data should offer some relief to the Bank of England as they consider future interest rate movements. How quickly this translates to changes in mortgage pricing remains to be seen, but early indicators suggest a busy Q1 for the market.

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

Rents in Northern Ireland continue to rise, driven by a chronic undersupply of available properties. However, Q4 showed some signs of moderation in rental demand intensity, coinciding with increased activity in the sales market.

A typical rental property now costs around £940 per month, up 9% over the past year and 1.3% in the last three months. This trend is consistent across all regions and property types, reflecting sustained demand. On the supply side, there has been no significant increase in rental stock, with availability rising by just 1% year-on-year.

Looking forward, rental demand is likely to ease further, and the pace of rental growth should continue to moderate. However, the sector’s persistent structural supply challenges will remain a defining feature throughout the year.

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