NI property prices up in Q4 2023: 0.6% - rentals up 2.4%

Posted: 8/2/2024

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Northern Ireland house prices rose just 0.6% in the last quarter of 2023, according to the on-line portal PropertyPal.com. That brings the annual growth to 4.2 % for last year, which is broadly what we at Key One Property predicted (a small increase). Rent prices rose by 2.4% however which brought the annual rise to 10%. Increases in rents have been driven by higher interest rates and landlord taxes which reduced the rental supply. 

The average property price for NI is now £203,100 and £830 for rentals. 

Our prediction for 2024? Well, so long as we have no major incidents affecting the economy, and no further interest rate rises, we believe that NI house prices will rise by at least the same amount again, and probably higher. The return of Stormont has to be some good news and if they can reach pay agreements with striking public servants, that might just put a little more money about, which usually helps to boost house prices.

Rental prices, whilst also effected by the economy, are much to do with supply and demand. It is possible that with interest rates apparently now stable, fewer landlords may sell up, and many of those that are buying to let, seem to be doing so under a corporate structure to take advantage of mortgage relief. Whilst the supply might steady, it appears that demand is still growing. In particular we are seeing large numbers of workers coming into NI and they need rental properties. On average around 70% of viewers of properties of rental properties last year with us, were from outside Northern Ireland. 

As a home seller or landlord we have good news:

Home sellers: Our sales fee is only 0.5% inc VAT*, which is less than half what many other agents charge. Based on the new average house price, that is a fee saving of just over £1,400 in your pocket. 

Landlords: Our fees are low plus we have a set fee for management instead of a percentage which works out at around just 5% !

 *subject to min fee, t&cs. 
**Fee calculation 1% = £2437 inc VAT. Key One charge 0.5% £1015.

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