housing market trends - propertypal.comn.ireland prices: q3 2020 “ the post-lockdown housing...

Housing Market Trends:Q3 2020

PropertyPal: Housing Market Trends Q3 2020 | 2

Housing market overview: Q3 2020

Sales Rentals

Apartments

£128,600Apartments

£678p/m

Houses

£175,600Houses

£646p/m

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

Quarterly price growth Quarterly rent growth

All properties

£171,300All properties

£657p/m

Annual price growth Annual rent growthQuarterly price growth Quarterly rent growth

1.1% 1.3% 1.8% 3.7%

2.1% 2.8% 5.6%

1.1%

-1.3%

1.4%

Quarterly price growth Quarterly rent growth

1.1% 1.7%


Prices by houses and apartments

£100,000

£200,000

£180,000

£160,000

£140,000

£120,000

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

Apartments

£128,600

Houses

£175,600

Annual price growth

Annual price growth

Quarterly price growth

Quarterly price growth

All properties

£171,300Annual

price growthQuarterly

price growth

1.1% 1.8%

2.1%

1.1%

-1.3%

1.4%

N.Ireland prices: Q3 2020

“The post-lockdown housing market has displayed considerable resilience. House prices have increased, engagement on PropertyPal is at an all time high and there were close to 7,200 properties sold in the last three months, an increase of 32% compared to last

year. The rebound in activity reflects several contributory factors including, stamp duty holidays, favourable interest rate environment, pent-up demand over lockdown and

behavioural shifts as buyers have revaluated their housing needs.

Emerging evidence shows wealthier demographics are driving demand as sales of 4 and 5+ bedroom properties have increased by more than 50% compared to this time last year.


new properties available to purchase in Q3 2020

more than the same period last year

6,776

12%

6,061houses

Location of advertised sales properties

Lisburn &Castlereagh

11%

Belfast

Belfast

21%

Armagh City,Banbridge

& Craigavon

10%

Ards &North Down

12%

CausewayCoast & Glens

9%

Antrim &Newtownabbey

8%

Mid &East Antrim

8%

Newry, Mourne& Down

7%

Derry City& Strabane

5%

Mid Ulster

5%

Fermanagh& Omagh

4%

New listings on PropertyPal

715apartments


House prices by number of bedrooms

Houses Average price Annual price growth Quarterly price growth

2 bed £105,400 6.3% 1.9%

3 bed £143,000 3.2% 1.2%

4 bed £234,700 1.1% 0.9%

5+ bed £328,900 -1.2% 1.1%

All houses £175,600 2.1% 1.1%

Apartments Average price Annual price growth Quarterly price growth

1 bed £94,400 2.0% 1.7%

2 bed £124,200 -0.4% 1.9%

3+ bed £198,000 -7.7% -1.3%

All apartments £128,600 -1.3% 1.4%

£50,000

£0

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

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 1 bed2 bed3+ bed

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

£50,000

£0

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

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£192,200

annual4.3%

quarterly1.7%

Antrim & Newtownabbeyall properties£158,600

annual0.7%

quarterly0.1%

Mid & East Antrimall properties£145,700

annual0.0%

quarterly0.6%

Causeway Coast & Glensall properties£164,000

annual� -3.7%

quarterly�0.3%

Derry City & Strabaneall properties£141,000

annual� -1.2%

quarterly�0.5%

Ards & North Downall properties£194,700

annual0.8%

quarterly3.1%

Lisburn & Castlereaghall properties£195,100

annual� -0.2%

quarterly� -0.3%

Newry, Mourne & Downall properties£176,800

annual5.1%

quarterly1.9%

Armagh City, Banbridge & Craigavon

all properties£146,300

annual3.0%

quarterly0.9%

Mid Ulsterall properties£145,500

annual1.9%

quarterly1.0%

Fermanagh & Omaghall properties£136,600

annual� -1.4%

quarterly� -1.2%

All properties

£171,300Annual

price growthQuarterly

price growth

1.1% 1.8%

Northern Ireland


+8%

+30%

+51%

+52%

% Change in house salesby number of bedrooms,

Q3 2019 vs. Q3 2020

2,000

0

4,000

6,000

8,000

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, 2015-2020

Sale agreed properties

32%higher than this time last year

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

Causeway 275 Causeway Coast & Glens

Botanic 225 Belfast

Ormiston 209 Belfast

Lurgan 189 Armagh, Banbridge & Craigavon

Titanic 169 Belfast

Ards Peninsula 158 Ards & North Down

Newtownards 145 Ards & North Down

Bangor East & Donaghadee 145 Ards & North Down

Bangor Central 144 Ards & North Down

Holywood & Clandeboye 142 Ards & North Down

Lisnasharragh 136 Belfast

Ballyclare 127 Antrim & Newtownabbey

Craigavon 126 Armagh, Banbridge & Craigavon

Antrim 123 Antrim & Newtownabbey

Castle 122 Belfast

0

600

1,200

1,000

800

400

200

1,400 45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

Mid

Ulster

Ferm

anag

h & O

mag

h

Derry

& St

raba

ne

Newry

, Mou

rne &

Dow

n

Mid

& East

Antrim

Antrim

& N

ewto

wnabb

ey

Cause

way C

oast

& Glen

s

Lisbu

rn &

Cas

tlere

agh

Armag

h, Ban

bridg

e & C

raiga

von

Ards &

Nor

th D

own

Belfas

t

% change vs. Q3 2019 (RHS)Total sales (LHS)

Sale agreed properties in Q3 2020 by location No. of ‘sale agreed’ properties by detailed location


“

Rents by houses and apartments

Apartments

£678p/m

Houses

£646p/m

Annual rent growth

Aver

age

rent

per

mon

th

Annual rent growth

Quarterly rent growth

Quarterly rent growth

All properties

£657p/m

Annualrent growth

Quarterlyrent growth

1.3% 3.7%

2.8%

1.1%

5.6%

1.7%

ApartmentsHouses

£500

£600

£700

£650

£550

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 rental market has remained strong in the second half of this yearas demand levels have accelerated due to economic uncertainty.

Rents are increasing against a backdrop of falling incomes which is creating affordability pressures for many households. The labour market profile suggests the pending economic damage is likely to have a greater

impact on private renters than home-owners and this may lead to falling rents over the coming 6 months.

N.Ireland rents: Q3 2020


new properties available to rent in Q3 2020

less than the same period last year

2,575

-15%

1,075apartments

Location of advertised rental properties

1,500houses

Belfast

54%


7%

Armagh City,Banbridge

& Craigavon

7%

Ards &North Down

6%

Mid &East Antrim

5%


6%

Mid Ulster

4%

CausewayCoast & Glens

5%

Newry, Mourne& Down

3%


2% Fermanagh& Omagh

1%

New listings on PropertyPal


Rents by number of bedrooms

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

2 bed £544 3.9% 0.9%

3 bed £619 2.4% 1.0%

4 bed £851 2.6% 1.6%

5+ bed £1,180 7.9% 1.8%

All houses £646 2.8% 1.1%

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

1 bed £534 5.4% 0.9%

2 bed £666 5.6% 1.5%

3+ bed £905 5.8% 2.9%

All apartments £678 5.6% 1.7%

2 bed3 bed4 bed5+ bed

£400

£600

£800

£1,000

£1,200

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

£400

£600

£800

£1,000

£1,200

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

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£742p/m

annual4.1%

quarterly0.9%

Antrim & Newtownabbeyall properties£553p/m

annual0.7%

quarterly0.5%

Mid & East Antrimall properties£522p/m

annual� -1.0%

quarterly�0.1%

Causeway Coast & Glensall properties£543p/m

annual�4.6%

quarterly� -0.1%

Derry City & Strabaneall properties£556p/m

annual�1.1%

quarterly� -1.5%

Ards & North Downall properties£632p/m

annual� -0.6%

quarterly� -0.1%

Lisburn & Castlereaghall properties£655p/m

annual2.2%

quarterly1.3%

Newry, Mourne & Downall properties£553p/m

annual3.5%

quarterly1.5%

Armagh City, Banbridge & Craigavon

all properties£522p/m

annual1.8%

quarterly1.0%

Mid Ulsterall properties£512p/m

annual6.8%

quarterly0.9%

Fermanagh & Omaghall properties£489p/m

annual10.5%

quarterly4.7%

All properties

£657p/m

Annualprice growth

Quarterlyprice growth

1.3% 3.7%

Northern Ireland

Jordan Buchanan

[email protected]

@jbuchanan0707

PropertyPal Chief Economist

Follow us online

www.propertypal.com

@PropertyPal

PropertyPal

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This publication has been prepared by PropertyPal for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication.

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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.comn.ireland prices: q3 2020 “ the post-lockdown housing...

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