As Northern Ireland property market records strong start, 2024 looks promising for those hoping to sell

Property market data published for January 2024 by Halifax and RICS has indicated a strong start to the year, with average house prices increasing across the UK.

Northern Ireland recorded an increase of 5.3% based on 2023 data, the highest of any UK region, with properties now costing on average £195,760 – over £9,700 higher than in January of last year.

Buyer demand has also been recorded at its strongest level since February 2022.

And according to the company director of Northern Ireland’s John Minnis Estate Agents, which has offices in Belfast, Holywood, Bangor, Comber and Donaghadee, ‘this trend will be sustained throughout the coming months’.

Commenting on this data, John Minnis, explained: “This encouraging start to the year is unsurprising as a reduction in inflationary pressure has resulted in more competitive rates from mortgage lenders and a positive knock-on effect on buyer and seller confidence.

"Northern Ireland witnessed a steady increase in property prices throughout 2023 and January 2024, and it is expected that this trend will be sustained throughout the coming months as we continue to see demand across our five-branch network in Northern Ireland.

“This is promising for those hoping to sell as due to increased buyer demand, now is an opportune time to list property and expand the current supply available on the market.

“Recent analysis from a variety of sources including RICS, Halifax, PropertyPal and Nationwide has encouraged a brighter outlook for 2024, with the volume of property sales expected to improve over the coming year.

“The majority of properties listed with John Minnis continue to sell at or above asking price, and it is good news that despite recent increases in property prices, Northern Ireland is the most affordable UK region - great news for buyers and sellers alike.

“Demand for rental properties has also increased in the three months to January, presenting an opportunity for growth within this part of the market.

"Whether you’re hoping to buy, sell or rent property, engaging with a trusted estate agent should be your number one priority. At John Minnis, our experienced team is always on hand to provide expert advice and support to facilitate seamless property transactions."