Lets take a look at what happened in Q3 of 2021...
Northern Ireland seen an annual price growth of 7.3%, with the average property price sitting at £181,700.
Despite the increase in price, stock levels continue to be on a decrease. Stock levels dropped by 8% when compared with the same quarter in 2019.
We continued to see a steady increase in prices for those larger, four and five bedroom properties, do you think this trend will continue into Q4?
House prices in the Armagh City, Craigavon and Banbridge area continue to rise with an annual increase of 5.5%, with the average house price coming in at £154,600!
Our local area came third in the list for top selling area in Northern Ireland for Q3, with Lurgan specifically having a whopping 157 sales!!
As expected, the time taken on the market for a house to reach sale agreed continues to fall, with a time of just 43 days...crazy!
What about the rental market?
The rental market is facing a similar narrative, prices are increasing whilst stock levels continue to fall. Prices have increased by 3.7% in the local area in comparison to 2019, and inventory has decreasedd by a staggering 30%
Rental properties are being snapped up quicker than ever, with the average time on the market standing at just 26 days!!
Will we see the same pattern as we continue through Q4?
If you need help getting onto the property ladder, or if you wish to sell your property, please give us a call, we would love to help!
All information taken from PropertyPal's Report: Housing Market Trends Q3 2020