Monthly Market Snapshot: 

Introducing the April 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.&nbsp;

Increased

House Prices

2.9%

Rent

10.2%

Website Traffic

14.1%

&nbsp;<blockquote>Jordan Buchanan, Chief Operating Officer at PropertyPal, commented on the market performance during April 2024:Housing market conditions have shown a stable performance over recent months with steady sales volumes similar to 2023 levels and headline prices cooling to 2.9% over the last year, modestly below prevailing inflation of 3.2%.Stubborn interest rates have seen overall mortgage rates edge upwards in recent months adding to affordability pressures and subduing overall demand. However, rate cuts look increasingly likely over the summer months which should begin to reflect in lenders' pricing soon, adding to the attractiveness of those looking to make their move. PropertyPal website visitors have increased by 14.0% over the last year, suggesting a healthy pipeline of prospective buyers/renters moving into the summer months.</blockquote>&nbsp;<hr>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 insights@propertypal.com. A member of our team will be happy to assist you.For media enquiries, please contact us at press@propertypal.com.Stay informed with the latest market insights by visiting our blog regularly!

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Monthly Market Snapshot: April 2024

Discover Useful Guides On Buying, Selling, Renting, Moving, Investing And Mortgages, As Well As Northern Ireland Housing Market Updates.

Monthly Market Snapshot:

Introducing the July 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.&nbsp;

Key highlights from the report include:

<blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market: The Northern Ireland housing market showed robust performance in July, marking the initial activity following the UK general election and the Bank of England's first rate cut. PropertyPal searchers sent 6.0% more enquiries to estate agents with properties for sale and a 3.0% increase in the rental adverts compared to the previous year. Additionally, the supply of new listings increased by 5.0%, indicating growing confidence among sellers and adding to much needed market supply. Most notably, there was a significant 15.0% increase in the number of properties agreed for sale compared to last summer's activity. The average time to secure a buyer is now about 45 days- marginally faster than last year and nearly two weeks quicker than pre-COVID-19 levels. This acceleration in market conditions has contributed to a rise in property prices, which are up approximately 4.5% over the past year.</blockquote>

<hr>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 insights@propertypal.com. A member of our team will be happy to assist you.For media enquiries, please contact us at press@propertypal.com.Stay informed with the latest market insights by visiting our blog regularly!

Introducing the July 2024 edition of our NI Housing Market Snapshot, where we examine the latest trends and developments in the NI housing market.

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Monthly Market Snapshot: July 2024

NI Housing Market Update: 

Introducing the Q4 2023 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.&nbsp;

&nbsp;<blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:&nbsp; Last year ended more robustly than expected given the challenging economic conditions in the opening half of the year. For most of 2023, inflation was close to double digit territory, economic growth was muted and successive base rate hikes pushed mortgage rates over 5-6%. Despite this, newly agreed sales increased by 16% vs Q4 2022 levels, highlighting the underlying positive sentiment still prevailing in the market. Furthermore, demand (as measured by enquiries sent to estate agents for their listed properties), is 30% higher than last year and the average time to find a buyer is about 10 days faster than the longer term average. To add to the positive news, gradually improving inflation levels has created competitiveness in the lending markets with many mortgage rates sitting in the 4% range. These conditions give some more optimism for a more active market in 2024.&nbsp; On the other hand, it would be careless to think that the full economic implications have been experienced. With inflation still double the Bank of England’s target and proving sticky, expect to see rates sitting at higher levels for much of 2024. The Bank also estimates around half of mortgaged households are yet to refinance their deals on the higher rates. As this happens, this disposable income will be sucked out of spending in a consumer driven economy. In addition, supply issues remain a stubborn challenge. New listings for sale are largely back to typical levels but much more is required to offset the erosion of stock levels of recent years.&nbsp; On the pricing front, PropertyPal’s index suggests an increase of 4.2% over the last year. This is very similar to the Nationwide index which suggests growth of 4.5%. This compares to a UK wide fall of approximately 2%. It is very difficult to estimate pricing activity in the coming 12 months given uncertainty around interest rates and a General Election with some likely giveaways. Based on the current economic data, it is unlikely to see any meaningful growth in prices, but perhaps a more meaningful uplift in overall levels of activity.</blockquote>

Introducing the Q4 2023 edition of our Northern Ireland Housing Market Update.

Monthly Market Snapshot: April 2024

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