The housing market enters 2022 with considerable momentum. The level of transaction activity has somewhat cooled in recent months with sales approximately 16% lower than Q4 2020 levels but 8% greater than pre-pandemic levels. More generally the market is expected to stabilise throughout 2022 with weaker price growth resulting. Indeed, overall price growth has already moderated with annual rates now sitting at 5.5% and closer aligned to wage growth across the wider economy. An ongoing shortage of available properties alongside the latest covid-19 omicron wave may weaken seller confidence, both of which will limit activity in the short term.
The average sales property now costs £180,700, up 5.5% on the same period last year. Whilst the average rent in Northern Ireland sits at £698pm, an annual increase of 5.4%.
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Last modified: 11/08/2022