There is always a lot of discussion around what is happening with the property market. Are prices rising? Is there still buyer demand? Are properties still selling?
In Northern Ireland, the answer to all of those is still YES.
PropertyPal.com have recently carried out a report on current housing trends and described the market as ‘still having momentum, despite the cost of living crisis’.
Property prices continue to rise
The average property price in March to June this year in Northern Ireland is £187,900 – up 5.2% on 2021, according to this report by PropertyPal.com.
Annual growth for houses is 5.3%, with the average property price now £192,600 and for apartments the annual growth is 4.0%, with the average cost of an apartment in Northern Ireland now £141,100.
There are of course some regional variations:
| Area | Price all properties | Annual % increase | Quarterly % increase |
|---|---|---|---|
| Causeway Coast & Glens | £195,700 | 10.1% | 3.5% |
| Mid & East Antrim | £169,700 | 7.4% | 2.3% |
| Armagh City, Banbridge & Craigavon | £162,100 | 6.9% | 2.5% |
| Lisburn & Castlereagh | £217,200 | 6.9% | 2.0% |
| Newry, Mourne & Down | £190,600 | 6.4% | 2.4% |
| Antrim & Newtownabbey | £173,500 | 6.0% | 1.7% |
| Derry City & Strabane | £155,900 | 5.7% | 1.2% |
| Fermanagh & Omagh | £153,800 | 5.7% | 1.6% |
| Mid Ulster | £158,700 | 5.6% | 1.1% |
| Ards & North Down | £220,700 | 5.2% | 3.3% |
| Belfast | £197,700 | 1.7% | 2.5% |
All regions have seen both an annual and quarterly increase in property prices, with Causeway Coast & Glens seeing a 10.1% annual increase in property prices. Annually Belfast has seen the lowest annual growth but a strong quarterly property price increase of 2.5%.
Buyers are still looking
While buyer demand isn’t at the levels we saw post lockdown in 2021, demand is higher than 2019. Buyer enquiries remain strong and levels of newly agreed sales are at their highest since Q3 2021.
With further interest rate increases expected buyers are looking to lock in deals as soon as they can to avoid and increase in rates and therefore higher monthly repayments.
Properties are selling fast
While according to PropertyPal’s the number of properties available to buy in the second quarter of 2022 had gone down by 9% and those that are coming onto the market are selling quickly.
The report said houses were selling more quickly, typically taking 35 days — eight fewer than at the beginning of the year.
Thinking of selling?
So, if you are thinking of selling, now is still a good time to get your house on the market. Prices are rising and properties are selling quickly. If you want to find out how much you could sell your property for book a free property valuation.
Source: propertypal.com Housing market overview: Q2 2022
The Reeds Rains Content Marketing Team
