Report reveals Northern Ireland's strong performance in 2023, showcasing a 2.5% rise in average house prices and typical gains of £4,406

Northern Ireland's longest-established estate agents, Ulster Property Sales is opening their 13th branch in Donaghadee, underscoring the firm's commitment to meeting the growing demands of the market.

The announcement comes as Chris and Rachel Smyth, directors at the firm, say they anticipate a strong property market in 2024.

Recent analysis from Benham and Reeves paints an encouraging picture for the local region. The report, published by London agents Benham and Reeves in December 2023, examines house price growth at regional and local levels, and underscores Northern Ireland's strong performance in 2023, showcasing a 2.5% rise in average house prices and typical gains of £4,406 in housing stock.

This growth starkly contrasts with the trends observed in England and Wales, where house prices experienced declines of -1.1% and -2.4%, respectively.

Rachel, director at Ulster Property Sales, Newtownards said: “2023 was a very strong year for our 12 branches, in terms of new listings, sales and rentals, and our team is already witnessing an upward lift in enquiries, valuations, and listings for the year ahead.

“As we move into 2024, we are preparing to launch our 13th branch in Donaghadee, an area which has seen very strong growth for us.

“We are still experiencing a lot of people relocating back to Northern Ireland due to the affordability, the excellent education system and quality of life on offer here. The lower, mid and higher-end markets all performed very well, with many houses experiencing an above-listing price sale, with multiple offers. This is a trend we believe is set to continue.”

Chris, director at the Ballyhackamore branch, continued: “As we navigate into 2024, we are already seeing an uplift in business compared to the same period in 2023.

“The timing for prospective sellers is very strong. Northern Ireland's positive trajectory in house price growth, coupled with reduced market stock and enhanced buyer confidence following recent interest rate stabilisation, positions the local market favourably for those contemplating property transactions.

“In addition, banks, building societies and lenders anticipate that this heightened activity may gain confidence in lending, potentially resulting in lower rates as the year unfolds. We are looking forward to a buoyant 2024.”

With offices across the province including Belfast, Newtownabbey, Bangor, Newtownards, Carrickfergus, Donaghadee, Ballynahinch, Downpatrick and Carryduff, Ulster Property Sales continues to solidified its position by successfully facilitating the sale of one in eight properties across the region.