PROPERTYPAL UNVEILS AUGUST N IRELAND HOUSING MARKET SNAPSHOT

PropertyPal, Northern Ireland's leading property platform, has released its detailed housing market snapshot for August 2024, offering key insights into the latest trends and movements within the Northern Ireland property market. You can view the full report through the following link below. LINK :  bit.ly/4d5ZMA3

The snapshot revealed key market trends:

• House sales during August 2024 increased by 11.0% compared to August 2023.
• Sales enquiries in August 2024 rose by 5.0% year-on-year on PropertyPal’s website.
• The average house price in Northern Ireland increased by 5.3% compared to the previous year.
• The average price of a new build property in August 2024 was £246,300, reflecting a 4.3% year-on-year price growth.
• The average listed time to reach 'sale agreed' in August 2024 was 2 days faster compared to August 2023.
• The average house price for First Time Buyers in August 2024 stands at £174,500, resulting in an estimated monthly mortgage payment of £897 (based on a 10% deposit). In comparison, the average monthly rent is £829.
• Rents have increased by 9.9% year-on-year, despite rental enquiries dropping by 8.0%.
• White Mountain in Lisburn & Castlereagh emerged as the top-selling local area, with 31 sales.

Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:"Northern Ireland house prices and sales volumes gained momentum throughout the summer, buoyed by renewed confidence following the recent easing of interest rates. Over the past 12 months, prices have grown by 5.4%, a trend seen across most areas of Northern Ireland.While affordability remains a significant challenge for many prospective buyers, underlying demand signals a strong autumn ahead, reflected by a 5.0% annual increase in new enquiries to estate agents. Additionally, newly agreed sales—a key indicator of market demand—rose by 11.0% year-on-year, with approximately 2,300 properties agreed during August.As the market enters a typically busy period, it looks like it will carry the summer momentum into the Autumn for continued growth in the coming months."

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