Monthly Market Snapshot: July 2024

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.

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.

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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