Northern Ireland Property Trends
- Jake
- Mar 6
- 3 min read
Key Points:
Market Stability: The Northern Ireland housing market remained relatively stable in Q4 2024, with a slight decrease in the average house price compared to the previous quarter.
Annual Growth: Despite the quarterly decrease, the average house price still showed a 2.9% increase compared to Q4 2023.
Regional Variations: House price changes varied across different regions, with some areas experiencing growth while others saw declines.
Property Type Performance: All property types saw a decrease in average price, with the detached sector showing the largest price decrease of 1.9%.
New Listings: The number of new listings continued to reduce, indicating a slowdown in buyer and seller activity.
Interest Rates: The market is anticipating an interest rate cut of around 0.25% at the start of 2025, which could potentially stimulate the housing market.
Rental Market: A separate report highlighted the need for a comprehensive regulatory framework for the letting agent sector in Northern Ireland to ensure a fair and transparent environment for tenants.
Market Trends
The Northern Ireland Quarterly House Price Index for Q4 2024 indicates that the housing market has remained stable, with a slight decline in prices compared to the previous quarter. The average house price in Northern Ireland is now £214,478, which is a 3.4% decrease from the previous quarter. However, there has been a 2.9% increase in prices compared to the same period in 2023.
Regional Analysis
The housing market has seen a small price decline over the fourth quarter of 2024, with price decreases in all market sectors relative to the previous quarter. However, in terms of annual performance, there has been nominal price growth relative to this time last year. The price growth observed across the first three quarters of 2024 appears to have eroded, as mortgage rate increases and fiscal and macro-prudential changes start to take effect.
The following table provides a breakdown of the average house price by region:
Region | Average Price Q3 2024 (£) | Average Price Q4 2024 (£) | % change Q3-Q4 | % change Q1-Q4 |
|---|---|---|---|---|
Antrim & Newtownabbey | 189,213 | 202,017 | 6.8% | 6.2% |
Ards & North Down | 257,455 | 247,901 | -3.7% | 2.7% |
Armagh City, Banbridge & Craigavon | 198,709 | 185,230 | -6.8% | 0.9% |
Belfast | 202,004 | 200,779 | -0.6% | 4.0% |
Causeway Coast & Glens | 253,137 | 230,114 | -9.1% | 0.2% |
Derry City & Strabane | 188,042 | 179,336 | -4.6% | 3.0% |
Fermanagh & Omagh | 200,217 | 190,884 | -4.7% | -9.6% |
Lisburn & Castlereagh | 252,959 | 263,484 | 4.2% | 4.5% |
Mid & East Antrim | 185,281 | 194,320 | 4.9% | 7.5% |
Mid Ulster | 225,797 | 200,656 | -11.1% | -16.5% |
Newry Mourne & Down | 231,368 | 226,785 | -2.0% | -3.9% |
Property Market
The housing market in Northern Ireland has experienced a small price decline over the fourth quarter of 2024. The average house price in Northern Ireland is now £214,478, which is a 3.4% decrease from the previous quarter. However, there has been a 2.9% increase in prices compared to the same period in 2023.
The following table provides a breakdown of the average house price by property type:
Property Type | Average Price Q3 2024 (£) | Average Price Q4 2024 (£) | % change Q3-Q4 | % change Q1-Q4 |
Terrace/townhouse | 150,836 | 147,281 | -2.4% | 4.1% |
Semi-detached | 200,323 | 195,585 | -2.4% | 0.9% |
Detached | 325,641 | 319,402 | -1.9% | 5.3% |
Apartment | 162,709 | 159,991 | -1.7% | 5.4% |
At Kiwi Property Management, we provide comprehensive guidance on all property related endeavors. Feel free to contact us with any questions you may have by going to the “Contact Us” section of our website
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