An overview of the performance of the Northern Ireland housing market during July 2022.
House price growth continues to climb, with no immediate signs of slowing. Search traffic and enquiries levels for properties has declined compared to last year’s unprecedented high levels. There has been a 14% reduction in sales since last July 2021 but when we compare this to the pre-pandemic levels, it is 4% lower.
For rentals, a shortage of available property and intense competition is leading to pressure for tenants.
The average new home in Northern Ireland now costs £225,700. This is a 17.6% increase on last year due to a surge in the price of building materials.
In terms of affordability, the average price of a first time buyer home sits at £154,200. With average monthly mortgage repayments at £652 and average rental payments of £678 per month, the price gap between renting and buying is closing.
Last modified: 16/08/2022