An overview of the performance of the Northern Ireland housing market during August 2022.
House price growth has been accelerating over the past few months, but early signs show demand is waning with prices expected to soften later this year. Search traffic and enquiries levels for properties has declined compared to last year’s unprecedented high levels. The number of sale agreed properties in August is about equivalent to pre-pandemic levels.
For rentals, stock levels remain exceptionally low, whilst demand has hit an all time high. Total inventory of rental properties is 2% lower than August 2021.
The average new home in Northern Ireland now costs £228.300. This is an 18.1% 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 is £155,900. With average monthly mortgage repayments at £670 and average rental payments of £684 per month, there is just a £14 monthly price gap between renting and buying.
Figures below supplied by Property Pal
