Northern Ireland’s residential property market has shrugged aside recent economic worries to push higher and looks likely to continue on an upward trajectory in the coming months, according to online portal PropertyPal.
It reported an uptick in activity, particularly in March, as the economic jitters which took hold in the wake of last autumn’s mini budget subsided, with sales exceeding the pre-Covid average. PropertyPal, which listed properties on behalf of agents, said user enquiries had increased over the last three months with properties which are “accurately valued” attracting significant interest.
It recorded a 8.1% annual jump in the price of an average property to £197,800 in the first quarter of 2023, with houses up 8.5% on the year and apartments by 2.6%. Houses with a larger number of bedrooms continue to prove popular with average prices for five bedroom homes up 11.5% on the year at £427,800 while two-bedroom houses are up 6.1% on the year to £120,500. That situation is reversed for apartments where three-bed homes fell by 2.9% on the year to £211,800 and one-beds climbed by 7.1% to £103,200.
