Monthly Market Snapshot: August 2024

Introducing the August 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:

Northern Ireland house prices and sales volumes gained momentum throughout the summer, buoyed by renewed confidence following the recent easing of interest rates. Over the past 12 months, prices have grown by 5.4%, a trend seen across most areas of Northern Ireland.

While affordability remains a significant challenge for many prospective buyers, underlying demand signals a strong autumn ahead, reflected by a 5.0% annual increase in new enquiries to estate agents. Additionally, newly agreed sales - a key indicator of market demand - rose by 11.0% year-on-year, with approximately 2,300 properties agreed during August.

As the market enters a typically busy period, it looks like it will carry the summer momentum into the Autumn for continued growth in the coming months.

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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