Northern Ireland Housing Market Update: October Snapshot (Source Property Pal)

Commenting on the housing market, Jordan Buchanan, Chief Operating Officer at PropertyPal stated:

"The sharp decline in the inflation rate earlier this month was a positive economic development, increasing the likelihood of interest rates being maintained, if not reduced next year. Although the housing market remains active, it is currently operating at more subdued levels, with approximately 20% fewer agreed sales compared to typical levels.

On a positive note, the more stable monetary policy environment has intensified competition among lenders, leading to more attractive mortgage rates. This could potentially stimulate activity in the upcoming months, even as households continue to adapt to rates in the 4 to 5% range throughout 2024. House prices have held up robustly throughout the year, but the expectation is that they will either stabilise or experience modest declines by early 2024 as the economic conditions soften.”