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Regional Property Market Update Autumn 2023: Northern Ireland

Posted on: Monday, September 11, 2023

Remarkable Resilience

Despite challenging economic conditions, the market remains resilient, in part due to motivated buyers still looking for correctly priced homes. Activity amongst first-time buyers is holding up well.

July and August are typically slow months for selling properties. Summer holidays, outdoor activities and children off school mean that our thoughts are elsewhere. In August we have historically seen an average month-on- month fall of 0.9% (Rightmove). This year the figure is higher at 1.9%, an indication of growing realism in the market and keen vendors pricing competitively to attract buyers. Despite the current softening in prices, average house prices in May were down just 2% on last September’s high and still over 20% above pre-pandemic levels (Zoopla).

 

Mortgages

In light of improving inflation data and more positive forecasts for the UK economy, lenders have been cutting their fixed mortgage rates. The quarterly growth rate of mortgages approved has improved from the start of the year, with lending volumes 6.3% higher over the three months to the end of July than they were for the prior three months. Whilst current levels are higher than at the end of 2022 and early 2023, they are considerably lower than a year ago (Bank of England).

 

At 2.7%, annual property price growth in Northern Ireland has moderated from 4.7% at the start of the year. However, it remains in positive territory. Price growth is currently strongest in Derry City and Strabane, Causeway Coast and Glens, and Fermanagh and Omagh.

The supply of properties is constrained, with the number of available properties 10% lower than the same time in 2019, in part preventing more significant price falls so far this year (Rightmove). Homes are selling more quickly, with the average time to secure a buyer standing at 55 days compared to 61 days in 2019 (Rightmove).

With 6.5% of homes for sale seeing cuts of over 5% to asking prices, a level that is 60% above the five-year average (Zoopla), buyers are becoming more price sensitive and the importance of pricing right the first time is paramount. Realistically priced homes are still seeing multiple prospective buyers.

The sales market is proving resilient despite high mortgage rates and cost-of-living pressures. Average asking prices across the UK in Q2 2023 are higher than Q1, and up by 24% on 2019, with the gap between initial asking and exchanged prices similar to pre-pandemic levels (TwentyCi). The market has shifted in favour of buyers, with 70% of agents surveyed saying it is a buyer’s market and just 3% saying sellers are more in control (Dataloft Inform Poll of Subscribers).

 

In light of higher mortgage rates and high living costs, sales volumes have taken a hit, with some people delaying moving or looking for smaller, more affordable homes. This means there continues to be different patterns across different parts of the market and different property types. There was stronger performance in more affordable markets such as Scotland and the North West, compared with more expensive areas such as London and the South East.

 

 

Contact us

Sell your property with your local expert this autumn. Contact your local Guild Member today.

 

What Our
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Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

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I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

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Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

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I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

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Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

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We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

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I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

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We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

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What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

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Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

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Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

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