In the midst of economic challenges, the Northern Ireland property market stands resilient, showcasing remarkable trends in both national and local housing spheres. Let's delve into key insights from the Autumn 2023 review by Dataloft.
Sales Resilience:
Property sales reached 86,510 in July 2023, reflecting a 16.3% decrease from July 2022. Despite the economic backdrop, motivated buyers seeking correctly priced homes contribute to the market's robustness.
Summer Slowdown:
July and August traditionally witness a slowdown in property sales. This year, a 1.9% month-on-month fall in August suggests growing realism in the market, with vendors competitively pricing to attract buyers.
Mortgage Landscape:
With improving inflation data, lenders have been cutting fixed mortgage rates. Mortgage approvals, though lower than a year ago, have shown improvement over recent months.
Demand and Lettings:
Demand remains strong due to robust employment levels and record annual wage growth. Rental growth is on the rise, with the average UK rent in August at £1,261, a 10.3% YoY increase.
Inflation and Interest Rates:
Inflation, showing signs of easing, fell to 6.8% in July. Interest rates are expected to peak in 2023, with a subsequent moderate decline predicted in 2024.
Regional Insights:
Northern Ireland's property price growth moderated to 2.7%, remaining positive. Belfast, Ards and North Down, and Antrim and Newtownabbey lead in private stock turnover.
Market Dynamics:
Despite constraints in the property supply, the market sees homes selling more quickly. Realistically priced homes continue to attract multiple prospective buyers.
Conclusion:
Northern Ireland's property market exhibits resilience amid economic uncertainties, with key indicators portraying a market adapting to challenges while maintaining a positive trajectory.
For a detailed analysis, check out the full Autumn 2023 review by Dataloft. 📊📈 Download the PDF here: 14 The Guild Autumn 2023 Northern Ireland.pdf