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PropertyPal Housing and Economic Monitor Spring 2022

Welcome to PropertyPal’s Housing and Economic Monitor; offering data-driven economic analysis on the current performance of the Northern Ireland economy and residential property market, as well as detailed forecasts and outlooks on its future from our suite of economic forecasting models.

In today’s increasingly turbulent economic environment, it is imperative that businesses, consumers and both current and aspiring homeowners are aware of the opportunities and risks associated with the current economic climate as they emerge.

The housing market is fundamentally interconnected with economic performance and is an integral driver of economies during both upturns and downturns. When house prices increase, homeowners feel better off, their confidence improves, and some will borrow more against the value of their house. This might involve renovating their home, supplementing their pension, buying goods or services, taking a holiday or perhaps more prudently, to pay off other debt. When house prices fall, homeowners’ confidence drops and the level of spending in the economy falls.

These spending patterns associated with house price movements directly influence the rate at which the economy grows. Similarly, where the economy creates jobs and how

much those roles pay, directly impacts on housing affordability, the demand for home loans, the supply of housebuilding and ultimately overall house prices.

We recognise that buying, selling, moving or renting a home is a major life decision and, as an organisation, it is our mission to make that experience as easy, enjoyable and informed as possible. PropertyPal has therefore been researching the housing market activity at a truly granular level, in a way that hasn’t been done before to add depth to our collective understanding of the local market. It’s our hope that this report and addition of economic analysis is a useful barometer of what is driving the local economic performance and what trends are emerging for both the wider economy and the property market over the coming years.

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Last modified: 11/08/2022