housing market trends - propertypal.com

Housing Market Trends:Q2 2021

PropertyPal: Housing Market Trends Q2 2021 | 2

Housing market overview: Q2 2021

Sales Rentals

Apartments

£135,500Apartments

£700p/m

Houses

£184,200Houses

£674p/m

Annual price growth Annual rent growth Annual price growth Annual rent growth

Quarterly price growth Quarterly rent growth

All properties

£179,800All properties

£682p/m

Annual price growth Annual rent growthQuarterly price growth Quarterly rent growth

2.1% 1.3% 7.3% 5.8%

7.4% 5.8% 5.8%

2.0%

5.9%

3.0%

Quarterly price growth Quarterly rent growth

1.7% 0.4%

*Note: Annual comparisons for sales volumes and supply levels are relative to the period in 2019 due to the effect of the housing market closure between March-June 2020.


Prices by houses and apartments

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

ApartmentsHouses

£200,000

£180,000

£160,000

£140,000

£120,000

£100,000

Apartments

£135,500

Houses

£184,200

Annual price growth

Annual price growth

Quarterly price growth

Quarterly price growth

All properties

£179,800Annual

price growthQuarterly

price growth

2.1% 7.3%

7.4%

2.0%

5.9%

3.0%

N.Ireland prices: Q2 2021

“Both sales and pricing activity accelerated during the second quarter of the year. Consumer confidence is improving in line with the easing of restrictions and the wider economic recovery.

Borrowing costs are exceptionally low by historic standards and ongoing lender competitiveness suggests this may improve further in the coming months. Underlying demand remains at

exceptionally high levels and reduced property stock has meant upward pressure on prices, particularly for larger properties in desirable areas. Whilst there are some early signals that buyer

demand is beginning to moderate, the overall near-term activity is expected to be strong.


new properties available to purchase in Q2 2021

New inventory % change vs. Q2 2019*

Total inventory % change vs. Q2 2019*

8,231

3%

-33%

7,441houses

Location of advertised sales properties

Armagh City,Banbridge

& Craigavon

11%

Belfast

21%

Lisburn &Castlereagh

10%

Ards &North Down

11%

Antrim &Newtownabbey

9%

Mid &East Antrim

9%

CausewayCoast & Glens

8%

Newry, Mourne& Down

7%

Derry City& Strabane

5%

Mid Ulster

4%

Fermanagh& Omagh

4%

New listings on PropertyPal

790apartments



House prices by number of bedrooms

Houses Average price Annual price growth Quarterly price growth

2 bed £110,300 7.7% 1.6%

3 bed £150,400 6.5% 1.7%

4 bed £248,900 7.7% 1.9%

5+ bed £368,800 11.1% 3.8%

All houses £184,200 7.4% 2.0%

Apartments Average price Annual price growth Quarterly price growth

1 bed £99,800 8.6% 6.4%

2 bed £130,800 8.0% 3.5%

3+ bed £190,000 -4.0% -0.6%

All apartments £135,500 5.9% 3.0%

£0

£100,000

£200,000

£300,000

£400,000

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

2 bed3 bed4 bed5+ bed

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

1 bed2 bed3+ bed

£240,000

£180,000

£120,000

£60,000

£0

ApartmentsHouses


House prices across Northern Ireland


Causeway Coast& Glens

Fermanagh& Omagh

Mid Ulster

Mid & EastAntrim


Belfast


Armagh City,Banbridge & Craigavon

Newry, Mourne& Down

Ards &North Down

Belfastall properties£196,100

annual5.6%

quarterly0.2%

Antrim & Newtownabbeyall properties£164,700

annual6.7%

quarterly3.7%

Mid & East Antrimall properties£159,000

annual10.9%

quarterly5.9%

Causeway Coast & Glensall properties£178,500

annual10.7%

quarterly5.6%

Derry City & Strabaneall properties£148,400

annual7.2%

quarterly4.4%

Ards & North Downall properties£211,500

annual13.6%

quarterly3.6%

Lisburn & Castlereaghall properties£204,600

annual6.2%

quarterly2.8%

Newry, Mourne & Downall properties£180,200

annual6.0%

quarterly1.6%

Armagh City, Banbridge & Craigavon

all properties£152,700

annual5.2%

quarterly0.5%

Mid Ulsterall properties£151,100

annual4.8%

quarterly3.3%

Fermanagh & Omaghall properties£146,400

annual4.3%

quarterly3.3%

All properties

£179,800Annual

price growthQuarterly

price growth

2.1% 7.3%

Northern Ireland


+17%

+19%

+29%

+61%

% Change in house salesby number of bedrooms,

Q2 2021 vs. Q2 2019*

2,000

0

4,000

6,000

8,000

10,000

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

Q4 201

5

Q3 201

5

Q2 201

5

Q1 201

5No. of ‘sale agreed’ properties by quarter, N.Ireland, 2015-2021

Sale agreed properties

24%higher than the same

period in 2019*

No. of sale agreed properties

4/5 bedIncreasing proportion of sales of

houses compared to2/3 bed houses



Top selling areas across Northern Ireland

Area Sales Council Area

Botanic 298 Belfast

Titanic 267 Belfast

Ormiston 245 Belfast

Causeway 233 Causeway Coast & Glens

Lurgan 216 Armagh, Banbridge & Craigavon

Bangor Central 202 Ards & North Down

Lisnasharragh 189 Belfast

Bangor East & Donaghadee 176 Ards & North Down

Castle 174 Belfast

Castlereagh South 174 Lisburn & Castlereagh

Holywood & Clandeboye 168 Ards & North Down

Newtownards 164 Ards & North Down

Lisburn North 161 Lisburn & Castlereagh

Oldpark 160 Belfast

Ards Peninsula 160 Ards & North Down

0

500

1,000

1,500

2,000

Ferm

anag

h & O

mag

h

Mid

Ulster

Derry

& St

raba

ne

Newry

, Mou

rne &

Dow

n

Cause

way C

oast

& Glen

s

Mid

& East

Antrim

Antrim

& N

ewto

wnabb

ey

Lisbu

rn &

Cas

tlere

agh

Armag

h, Ban

bridg

e & C

raiga

von

Ards &

Nor

th D

own

Belfas

t

% change vs. Q2 2019 (RHS)*Total sales (LHS)

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

Sale agreed properties in Q2 2021 by location No. of ‘sale agreed’ properties by detailed location, Q2 2021



Average days on market to reach sale agreed

0

10

20

30

40

50

60

70

80

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9ApartmentsHouses

Average days on market to reach ‘sale agreed’, N. Ireland, 2019-2021

Note: Based on listed property date until ‘sale agreed’ within 6 months of listing

No.

of

days

Average days on market for houses to reach ‘sale agreed’

Average days on market for apartments to reach ‘sale agreed’

37 days

44 days

74 days

64 days

Q2 2020 vs. Q2 2021


“

Rents by houses and apartments

Apartments

£700p/m

Houses

£674p/m

Annual rent growth

Aver

age

rent

per

mon

th

Annual rent growth

Quarterly rent growth

Quarterly rent growth

All properties

£682p/m

Annualrent growth

Quarterlyrent growth

1.3% 5.8%

5.8%

1.7%

5.8%

0.4%

ApartmentsHouses

£500

£600

£700

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

The ongoing supply/demand imbalance is most pronounced in the rental sector. Record high demand has failed to be met with significantly constrained supply levels. There was an average of 44 enquiries sent to estate agents for each rental property on PropertyPal during the previous 3

months. This compares to an average of 17 enquiries during the same period in 2019. Improving mortgage market conditions with more lenders offering mortgage options to those with low

deposit levels may appeal to first time buyers who are currently renting. Failing a significant uplift in the number of rental properties coming to the market, or an unexpected drop in demand,

it is likely the near-term outlook will continue to put upward pressure on rents.

N.Ireland rents: Q2 2021


new properties available to rent in Q2 2021

3,452

1,460apartments

Location of advertised rental properties

1,992houses

Armagh City,Banbridge

& Craigavon

8%

Belfast

52%


7%

Mid &East Antrim

6%


6%

Ards &North Down

6%

Newry, Mourne& Down

3%

CausewayCoast & Glens

4%

Mid Ulster

3%


2% Fermanagh& Omagh

2%

New listings on PropertyPal

New inventory % change vs. Q2 2019*

Total inventory % change vs. Q2 2019*

7%

-27%



Rents by number of bedrooms

Houses Average rent p/m Annual rent growth Quarterly rent growth

2 bed £564 4.1% 1.3%

3 bed £642 4.8% 1.6%

4 bed £920 10.4% 2.8%

5+ bed £1,287 12.3% 1.3%

All houses £674 5.8% 1.7%

Apartments Average rent p/m Annual rent growth Quarterly rent growth

1 bed £553 3.6% -0.1%

2 bed £687 5.6% 0.5%

3+ bed £951 8.4% 0.4%

All apartments £700 5.8% 0.4%

2 bed3 bed4 bed5+ bed

£325

£0

£650

£975

£1,300

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

£250

£0

£750

£1,000

£500

Q2 202

1

Q1 202

1

Q4 202

0

Q3 202

0

Q2 202

0

Q1 202

0

Q4 201

9

Q3 201

9

Q2 201

9

Q1 201

9

Q4 201

8

Q3 201

8

Q2 201

8

Q1 201

8

Q4 201

7

Q3 201

7

Q2 201

7

Q1 201

7

Q4 201

6

Q3 201

6

Q2 201

6

Q1 201

6

1 bed2 bed3+ bed

ApartmentsHouses

Aver

age

rent

per

mon

th

Aver

age

rent

per

mon

th


Rents across Northern Ireland


Causeway Coast& Glens

Fermanagh& Omagh

Mid Ulster

Mid & EastAntrim


Belfast


Armagh City,Banbridge & Craigavon

Newry, Mourne& Down

Ards &North Down

Belfastall properties£756p/m

annual4.1%

quarterly0.9%

Antrim & Newtownabbeyall properties£586p/m

annual4.3%

quarterly1.5%

Mid & East Antrimall properties£558p/m

annual4.1%

quarterly1.0%

Causeway Coast & Glensall properties£554p/m

annual2.0%

quarterly1.0%

Derry City & Strabaneall properties£575p/m

annual� -0.5%

quarterly� -1.0%

Ards & North Downall properties£690p/m

annual7.7%

quarterly3.9%

Lisburn & Castlereaghall properties£690p/m

annual5.9%

quarterly2.1%

Newry, Mourne & Downall properties£583p/m

annual4.4%

quarterly1.7%

Armagh City, Banbridge & Craigavon

all properties£538p/m

annual3.6%

quarterly1.7%

Mid Ulsterall properties£543p/m

annual5.4%

quarterly2.8%

Fermanagh & Omaghall properties£489p/m

annual� -1.8%

quarterly� -2.3%

All properties

£682p/m

Annualprice growth

Quarterlyprice growth

1.3% 5.8%

Northern Ireland

Jordan Buchanan

[email protected]

@jbuchanan0707

PropertyPal Chief Economist

Follow us online

www.propertypal.com

@PropertyPal

PropertyPal

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Methodology: The price and rental statistics are based on arithmetic averages of newly listed properties based on advertised asking price/rents in each calendar month. The price and rental indices produced are weighted to reflect the market share of each property type. The data has been cleansed to remove outliers and anomalies. This report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology.

housing market trends - propertypal.com

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