Monthly Market Snapshot: 

Introducing the October 2023 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.

Increased

House Prices

4.4%

Rents

10.0%

Inflation

4.6%

<blockquote>Jordan Buchanan, Chief Operating Officer at PropertyPal commented on the market performance during October 2023:The sharp decline in the inflation rate earlier this month was a positive economic development, increasing the likelihood of interest rates being maintained, if not reduced next year. Although the housing market remains active, it is currently operating at more subdued levels, with approximately 20% fewer agreed sales compared to typical levels.On a positive note, the more stable monetary policy environment has intensified competition among lenders, leading to more attractive mortgage rates. This could potentially stimulate activity in the upcoming months, even as households continue to adapt to rates in the 4 to 5% range throughout 2024. House prices have held up robustly throughout the year, but the expectation is that they will either stabilise or experience modest declines by early 2024 as the economic conditions soften.</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!

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Monthly Market Snapshot: October 2023

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

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>

<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 Q4 2023 edition of our Northern Ireland Housing Market Update.

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NI Housing Market Update: Q4 2023

NI Housing Market Update:

Introducing the Q3 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.

Key highlights from the report include:

<blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market: Market activity continued to soften over the last three months as economic pressures and events of the last year became more apparent. Prices in the existing home segment of the market grew at a modest 0.6% over the past quarter, whilst new homes increased by 0.2%.Newly agreed sales, a strong signal of economic confidence, fell by 15% compared to Q3 2022. However, the drop in transaction activity isn’t spread evenly across N.Ireland. Indeed, Mid &amp; East Antrim, Lisburn &amp; Castlereagh and Ards &amp; North Down have experienced more modest declines of 7%-10%. Meanwhile areas including Newry, Mourne &amp; Down and Mid Ulster have fallen by a more significant 25% in sales.The relatively subdued activity has been expected given the Bank of England’s ongoing monetary tightening position and heightened economic uncertainty. However, of encouragement, market analysts have revised down the UK’s projected interest rate path amid signs of a slowing labour market and inflationary pressures somewhat easing as a result of the Bank's measures. This should continue to feed through into more competitive mortgage markets, supporting buyers borrowing capacity and boosting market activity in the medium term. A combination of stable labour markets, robust income growth and modest house price fluctuations may see affordability pressures ease in the coming months.</blockquote>

Introducing the Q3 2023 edition of our Northern Ireland Housing Market Update

Monthly Market Snapshot: October 2023

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