View The Housing Market Key Trends
Sales
Sales enquiries are down 40% year on year but they still remain higher than 2019 levels. The rate of house price growth remains strong and similar to the wider economy rate of inflation.
Interest rate expectations have moderated in recent weeks with many lenders reducing their mortgage rates, modestly reflecting in stabilising mortgage repayment levels.
Further insights include the average number of days for houses on market to reach ‘sale agreed’ was 52 days versus 46 days in November 2021. The top three selling areas in Northern Ireland were Windsor, Stranmillis and Kernan.
Rentals
Rents continue to experience upward pressure as the sector experiences multi-year highs in tenant interest. There have been some encouraging signs of improved supply over the last few months, but a considerable increase is required to alleviate a persistent stock shortage.
Affordability
In terms of affordability, the average price of a first-time buyer home is £158,900. The average first time buyer mortgage repayments are £856 and the average equivalent rent is £705 per month.
Last modified: 14/12/2022
