Jan 22 2025 03:33:00

Sales:

The local housing market ended 2024 on a strong note, with renewed confidence and activity driving momentum. Housing transactions, a key indicator of economic confidence, showed encouraging growth with approximately 5,700 newly agreed sales in Q4—an 11% increase compared to last year. The typical time to find a buyer has also improved, now averaging 47 days, down from the long-term average of over 60 days.

A persistent challenge in recent years has been the lack of new supply, but there are signs of cautious optimism. Newly listed properties for sale increased by 12% over the past year. On the pricing front, the average home now costs around £220,000, marking a 6.4% annual increase and a 1.7% rise over the past three months.

PropertyPal's latest housing market review published in January 2025 outlines the current average sales price in Northern Ireland to be £221,000.  Our own district Newry, Mourne and Down continues to perform above well with an average sale price for the district of £241,200 an 6.5% increase on the 12 months previous.

Lettings:

Rents in Northern Ireland continue to rise, driven by a chronic undersupply of available properties. However, Q4 showed some signs of moderation in rental demand intensity, coinciding with increased activity in the sales market.

A typical rental property now costs around £940 per month, up 9% over the past year and 1.3% in the last three months. This trend is consistent across all regions and property types, reflecting sustained demand. On the supply side, there has been no significant increase in rental stock, with availability rising by just 1% year-on-year.

Looking forward, rental demand is likely to ease further, and the pace of rental growth should continue to moderate. However, the sector’s persistent structural supply challenges will remain a defining feature throughout the year.