Regional Property Market Update Summer 2022: Northern Ireland

Mixed Messages
The housing market remains busy. Compared to the last ‘normal’ market of 2019, buyer enquiries are up 31% and mortgage approvals and sales are up by 12% and 11% respectively. However, there are half as many properties available to buy and stock levels are down 55% (Rightmove, HMRC, Bank of England). The prolonged mismatch between demand and supply continues to support prices. On average, properties are selling subject to contract in just 31 days, the quickest time ever recorded. With competition for properties remaining high, Rightmove report that asking prices have hit their fourth consecutive record high in as many months.
 
Over 433,000 homes in the UK changed hands in the first four months of 2022, making this the third busiest start to a year since 2007. Last year was an exceptional year due to Covid-19 and 2016 saw a surge prior to the introduction of the 3% additional homes surcharge. Except for last year, April 2022 has been the busiest since 2007 (Dataloft, HMRC). Lisbon and Castlereagh, and Ards and North Down are currently the most active housing markets in Northern Ireland. More than one in every 20 properties in these areas has changed hands in the past year.

 
A perfect storm
Economic headwinds are gaining momentum. Expectations of global and UK economic growth have been pared back, while consumer confidence has plummeted to its lowest level since records began in 1974. Optimism is weaker than during the global financial crisis, Brexit or Covid-19 (GfK). The Covid recovery, war in Ukraine and rising energy and food prices, alongside a strong labour market and low unemployment, have created a perfect storm. Inflation is pushing a 40-year high. Thanks to fixed-rate mortgages, many households are cushioned from the impact of the latest base rate rise, but day-to-day budgets are increasingly feeling the squeeze.
 
Double-digit property price growth remains evident in localities across Northern Ireland, with annual price growth currently stronger than it was a year ago (ONS, UK HPI). Across Northern Ireland there is around two months of available stock left to sell, down by almost half on the historical norm.

Slow gear change
For many, the question is when, not if, the property market will start to moderate. However, any gear change is liable to be slow and steady, and not an emergency brake as was the case in the global financial crisis of 2008. Forecasters still anticipate positive price growth over the course of the year. Market fundamentals remain strong. A strong desire to move remains in the minds of many and there is a shortage of properties, compounded by data indicating that new home completions remain below pre-Covid levels and short of the government’s 300,000 homes target.
 

 
Properties for sale in Northern Ireland
Armagh, County Armagh, 4 bedrooms
 

This beautiful detached property is nested in a highly sought-after area of Armagh, this property is in a prime location to enjoy the pleasures of the rural countryside as well as the amenities of the city centre. This fabulous property boasts a kitchen, lounge, utility, downstairs WC, four bedrooms (master with ensuite) and a family bathroom suite. This is your opportunity to acquire and exquisitely finished four-bed family home with quality finishes throughout. 
 
Ballymena, Antrim, 4 bedrooms
 

 
Situated on this truly beautiful site with excellent privacy and stunning views over the surrounding countryside, Homes Independent are thrilled to bring to the market this spacious four-bedroom house. Offering four bedrooms (one on the ground floor), en suite, dressing rooms, kitchen and utility room with integrated appliances and superb privacy, our agents are sure this property will exceed the expectations of many potential viewers. The large gardens in lawn to the side and rear of this property. 
 
Lurgan, County Armagh, 6 bedrooms
 

 
Number 16 is set apart from the rest, created by its owners with love careful consideration and attention to detail only a mere 16 years previously offering all the conveniences of modern living. Created with family living in mind there is a seamlessly open plan flow to the ground floor with a contemporary design and style, with the wallpaper, lights, soft furnishings all by Thomas Vaughan interior design. Offering the ‘best of both worlds – ideally situated in a peaceful rural setting on the shores of Lough Neagh yet having the convenience of a local shop with post office and petrol station nearby. 
 
Contact us
As property prices and demand continue to rise, sell your property with experts in the property industry this spring. Contact your local Guild Member today.
 

Financial Services

Contact a specialist from Aston & Co Financial Services for help with finding the right mortgage.

Read What Our
Customers Say

Jodie Skinner

From the beginning, our experience with Michael and Rhys has been brilliant. Whenever we had a question to ask or needed some additional information, they were both just a phone call away and were always happy to provide us with an answer. As first time buyers, they made us feel ...

Sue Smith

We can’t fault Aston and co in Syston, for their handling of the sale of our property. We were kept up to date weekly and nothing was too much trouble. Both Micheal and Rhys were approachable and very professional. I would definitely recommend using them for an efficient and hassle ...

Andy

Having had issues with other agents, we came to Astons who gave us an honest appraisal of our house – not overpricing it like others to gain business. Michael and Rhys are a great partnership and Rhys being local was able to provide viewers with information that other agents hadn’t. ...

Andy Freer

Recently sold our house with Aston & Co. We honestly could not have asked for more. From the moment Michael came to value the house, to the day to day communication from Rhys we have not had to chase them once. Michael and Rhys are a great partnership and a ...

V Pears

We chose Aston & Co in Syston to handle the sale of our property. We were kept up to date regularly and Michael and Rhys dealt with all matters efficiently and quickly.We would definitely recommend using them for an efficient and hassle-free move.

Gareth Mueller

We bought a house from a vendor who used Astons & Co as their agent. Rhys was helpful and professional from start to finish and regularly kept us in the loop with how things were progressing. Communication was efficient and swift all the way through.

Julie Pearson

From the first visit to value our property to the final phone call informing us of completion Rhys and Michael at the Syston office have been brilliant, down to earth, realistic with valuation very easy to get in touch with.Making everything less stressful.Regular updates were very reassuring . I would ...

Charlotte Hings

The team at Astons are great. They’re really down to earth, take time to listen and help resolve anything they can for you.Their communication is excellent as they always keep you in the loop with what is happening with your sale. They keep both seller and purchaser happy.Fees are reasonable ...

Julie Perkins

We have recently used Aston & Co to sell our property. At all times we received regular reports from them on interest and following viewings . When our property sold Astons managed the chain keeping all parties fully informed and I believe that without their input our sale would have ...

Tina Poole

Michael and Rhys handled both our sale and purchases. They had good local knowledge, their valuation turned out to be on point. Our sale viewings were nearly all on the same day and we accepted an offer very quickly. We were kept up to date regularly with that and our ...

How Much is Your Property Worth?

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation.

PROPERTY SEARCH