NI Housing Market Update: Q2 2024

Introducing the Q2 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 Northern Ireland housing market demonstrated stability in the second quarter of the year. Overall prices have stabilised at an annual growth rate of 3.0%, with new listings increasing by 1%. While sales volumes have decreased by 4%, the typical time to find a buyer is approximately one week faster than the long-term average, indicating strong underlying buyer demand.

High mortgage rates and the uncertainty surrounding the UK general election somewhat restrained market activity. However, with UK inflation now back to the Bank of England's target, it appears more a question of when, rather than if, interest rates will fall. Market traders are currently divided on the likelihood of the first rate cut occurring next month.

Additionally, the UK economy experienced an unexpected rebound in May, supporting the growth ambitions of the new Labour government. The impact on the housing market will become clearer in the coming months, but the new Chancellor has stated that proposed planned reforms will unlock housebuilding and stimulate the construction industry.

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

Rents in Northern Ireland continue to experience double-digit annual growth, with the average rent now over £870 per month in Q2 2024. Over the past three months, there have been an average of 66 enquiries per advertised rental on PropertyPal. The greatest pressures are in the Mid & East Antrim and Ards & North Down areas, closely followed by Belfast.

While there has been some softening in the overall supply-demand imbalance, the disparity remains significant. A considerable influx of new rental properties is required to bring typical rent growth closer to the pre-COVID-19 average of 3.0%.

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.

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