PropertyPal's latest report highlights the strong performance of the Northern Ireland housing market with a 11% increase in agreed sales compared to the previous year. The report identifies the top selling areas, reveals a 6.4% average price increase, and sheds light on the factors driving this positive trend.
The Northern Ireland property market has shown continued strength at the end of 2024, with new figures revealing the top areas for housing sales . PropertyPal's latest quarterly report highlights nine leading areas for agreed sales, demonstrating an 11% increase compared to the same period in 2023. This surge in activity is attributed to a combination of factors, including buyer confidence bolstered by a 12% rise in newly listed properties for sale.
During the quarter, 4,527 homes entered the market, effectively meeting demand and driving heightened market activity. The average house price in Northern Ireland has climbed by 6.4% compared to the previous year, with this price growth observed across all council areas on both yearly and quarterly bases. Derry City & Strabane witnessed the most significant price increase, with average prices surging by 12.3% over the year. In Belfast, house prices rose by 8.5% within the same timeframe. Newly listed properties for sale have also experienced a 12% surge over the past year. Currently, the average home in Northern Ireland is priced at £221,000, reflecting a 6.4% annual increase and a 1.7% rise over the past three months. Approximately 5,700 newly agreed sales were recorded at the end of 2024, marking an 11% jump compared to the previous year. The average time to find a buyer has also improved, now averaging 47 days, down from the long-term average of over 60 days. Jordan Buchanan, CEO of PropertyPal, commented on the market outlook, stating, 'Looking ahead, buyer sentiment remains positive, with search activity on PropertyPal up 15% and enquiries to estate agents increasing at similar levels. While the broader economic backdrop remains uncertain, recent positive inflation data should offer some relief to the Bank of England as they consider future interest rate movements. How quickly this translates to changes in mortgage pricing remains to be seen, but early indicators suggest a busy Q1 for the market.
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