Regional Property Market Update Autumn 2022: Northern Ireland
Posted on: Thursday, September 22, 2022
Over 100,000 sales have taken place each month to date in 2022, according to the Bank of England, a feat achieved only twice in the last fifteen years (2014 and 2017). While demand remains higher than pre-pandemic times, mortgage approvals–considered a forerunner for demand–have eased back in recent months. The Bank of England reports that 63,770 mortgages were approved in July, a 5% fall on the pre-pandemic average (2015–2019). Sales prices currently remains remarkably robust, both Halifax and Nationwide reported a month-on-month rise in August.
At 9.6%, annual property price growth in Northern Ireland has moderated slightly from 9.9% at the start of the year. However, in many areas annual property price growth remains in double digits. Price growth is currently strongest in MidUlster, Ards and North Down.
The cost-of-living crisis is dominating daily news, with consumer confidence in the economy at a historic low (GfK). Inflation has hit double digits, with the Bank of England warning that it is set to rise further. The Bank Rate rate, currently at 1.75%, is likely to rise to over 2% by the end of 2022. While over two-thirds of outstanding mortgage balances and 95% of new approvals are on fixed-rate deals (FCA), for new homeowners and those looking to remortgage, costs are edging up. The impact is likely to be most significant in markets where affordability levels are already stretched.
Homes continue to go under offer quickly, taking an average of just 32 days to sell (Rightmove). Conversely, across the UK housing market the time taken to complete a sale has risen, now in the region of four months, as conveyancing delays remain a significant issue. For buyers seeking to move in by Christmas, the clock is ticking.
Then and now
The current economic situation is unchartered territory for many homeowners, particularly those not yet born or too young to remember the prolonged periods of double-digit inflation and high interest rates in the 1970s and 1980s. Mortgage lending regulation also means the housing market is in a different state to the Global Financial Crisis. An average of independent forecasts published in August expects the rate of inflation to lower over 2023 and by 2024 to have dipped back to below the Bank of England 2% target. Meanwhile, Bank Rates are not predicted to rise much above 3% (NIESR), still low by historical standards.
As property prices and demand continue to rise, sell your property with experts in the property industry this autumn. Contact your local Guild Member today.
Read What Our
Having gone through Stevens estate agents for renting out a property and also selling a property I cannot recommend them enough. They are very efficient at answering questions and they ensured the sale of my property proceeded as quickly as possible making sure I was always kept up to date.
The landlord service is fantastic too and they maintained the rented out property so I didn’t need to get involved even when problems did arise .
A fantastic , professional team who are always so helpful.
The team were really responsive to queries that we had regarding our purchase. Having dealt with a number of Estate Agents in the past I would rate Stevens as one of the best that we've worked with. Hannah was excellent at keeping us informed throughout.
Very thorough service, all queries promptly followed up and some additional small requests for instance dealing with house clearance and cleaning (because the sellers were not local) undertaken without additional charge.
A trouble free transaction, much appreciated.
Went the extra mile to aid our recent home purchase.
Always helpful person on the end of telephone.
Attention to personal detail, which does make you feel that you are important
I am extremely pleased with the service and care taken with Stevens Estate agents. They handled everything from valuation to completion which helped with the painful process of selling our mums house. Thanks to all the staff.