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The Northern Ireland property market is experiencing positive momentum, with both sales and rental enquiries on the rise, according to PropertyPal’s latest market snapshot.
The July 2024 snapshot shows sales enquiries increased by 6% year-on-year, reflecting growing buyer interest despite ongoing economic challenges.
Rental enquiries also saw an uptick, rising by 3% compared to July 2023, indicating sustained demand in the rental sector.
The average time to reach a sale agreed remained steady, with properties taking 45 days to secure a buyer, consistent with the previous year. Similarly, the average time to reach a let agreed increased slightly to 31 days, up from 26 days in July 2023.
The market also saw a significant rise in new build prices, with the average price reaching £246,300, a 5.4% increase compared to July 2023. This price growth highlights ongoing inflationary pressures, particularly in construction costs.
Jordan Buchanan, chief executive officer at PropertyPal, said: “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% more enquiries to estate agents with properties for sale and a 3% increase in the rental adverts compared to the previous year.
“Additionally, the supply of new listings increased by 5%, indicating growing confidence among sellers and adding to much needed market supply.
“Most notably, there was a significant 15% 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.”
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