Demand in the sales market has cooled somewhat over recent weeks as reflected in a slowdown in enquiries. There were approximately 1,800 agreed sales during October, equivalent to levels in 2015 and house prices marginally accelerated.
Further insights include the average number of days on market to reach ‘sale agreed’ was 47 days for houses versus 43 days in October 2021. The top three selling areas in Northern Ireland were Windsor, Central and Connswater – all located in Belfast.
The average new home in Northern Ireland now costs £234,200. This is an 18.6% increase from last year because of construction material inflation costs.
Demand in the rental market remains at exceptionally high levels, with a 36% increase in enquires and 8.2% increase in price growth from last year.
In terms of affordability, the average price of a first-time buyer home is £158,700. With average monthly mortgage repayments at £856 and average rental payments of £698 per month, there is now a £158 monthly price gap between buying and renting.
Last modified: 24/11/2022