Northern Ireland property prices rise by 5.7% in a year

Property prices in Northern Ireland have risen by 5.7 per cent in the past year as the average cost of an existing home is now £201,800 (€233,499).

The latest quarterly report from Northern Ireland property portal PropertyPal noted that prices of existing homes have increased by 0.6 per cent in the third quarter of this year.

The price of the average new home in Northern Ireland is now £234,400, a 1.7 per cent annual increase and a 0.2 per cent quarterly increase.

The report shows that the average cost of a house in Northern Ireland has increased by 6 per cent in the past year, while the price of an apartment has increased by 2 per cent.

Pat Kenny’s ‘last great spin on the roundabout’ is a slow-burn success story for Irish radio

---

Taxation on investments: What changes might be on the way?

---

Will AI replace stock market analysts?

---

Ibec wants end to retirement relief ceiling

---

[ Student accommodation in Northern Ireland: ‘It’s a three bedroomed house, which is about £375 a month. It’s a lot cheaper’ ]

The Fermanagh and Omagh area has witnessed the largest annual increase, of 9.4 per cent, with the average property in this area now £172,400.

The average number of days on the market for houses to reach “sale agreed” is 47, compared to 43 days the same time last year.

Jordan Buchanan, chief operating officer at PropertyPal, said market activity continued to soften over the past three months.

He said relatively subdued activity has been expected given the Bank of England’s “ongoing monetary tightening position and heightened economic uncertainty”, but added that market analysts have revised down their projections for UK interest rates. “A combination of stable labour markets, robust income growth and modest house price fluctuations may see affordability pressures ease in the coming months.”

[ EY to create 1,000 jobs in Northern Ireland as major investment summit opens ]

Average rent in Northern Ireland in the third quarter of 2022 was £810 per month (€937.24). This is a 9.5 per cent annual increase and a 2.4 per cent increase on the previous quarter.

Mr Buchanan said that rental market pressures remained at “highly elevated levels”, driven by high demand and weak supply, with close to 50 per cent fewer homes advertised for rent in the past quarter compared to 2019. “This ongoing chronic mismatch, alongside high inflation and income growth, is leading to steady increases in rent levels.”