PropertyPal Monthly Market Snapshot: July 2023

PropertyPal, the leading property platform in Northern Ireland, has published its
comprehensive monthly market snapshot for July 2023, presenting essential insight
into the dynamics of the Northern Ireland (NI) housing market.

The snapshot reveals key market trends:
● House sales during July 2023 experienced a decline of 18% compared to
pre-covid levels (2017-2019).
● The average price of a new build property was £233,800 in July 2023. This
signifies a YoY price growth of 2.8%
● The average listed time to reach let agreed in July 2023 was 26 days. This
means the typical time to let agreed was 13 days faster compared to ‘normal
market’ conditions.

Jordan Buchanan, Chief Operating Officer at PropertyPal, remarked on the market’s
performance during July 2023:
“Transaction activity softened during July with only 1,700 properties being agreed for
sale, a reduction of approximately 20% on normal levels during one of the core
summer months. Prices for resale properties continue to follow a similar pattern to
the broader inflationary aggregate, cooling to an annual rate of 6.6%. For new builds,
prices are growing at a much more modest 2.8%.

Jordan continued, “Prices remain intrinsically linked to the mortgage rates. Borrowing
costs are somewhat stabilising, despite the recent Bank of England rate rise,
suggesting rates may be close to peaking. Nonetheless, mortgage rates in the 4% to
5% range are likely to remain for longer periods of time, unless there is a notable
drop in inflation. Should this materialise, house prices are expected to weaken
further in the coming months.