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PropertyPal: Housing Market Trends Q2 2021 | 2
Housing market overview: Q2 2021
Sales Rentals
Apartments
£135,500Apartments
£700p/m
Houses
£184,200Houses
£674p/m
Annual price growth Annual rent growth Annual price growth Annual rent growth
Quarterly price growth Quarterly rent growth
All properties
£179,800All properties
£682p/m
Annual price growth Annual rent growthQuarterly price growth Quarterly rent growth
2.1% 1.3% 7.3% 5.8%
7.4% 5.8% 5.8%
2.0%
5.9%
3.0%
Quarterly price growth Quarterly rent growth
1.7% 0.4%
*Note: Annual comparisons for sales volumes and supply levels are relative to the period in 2019 due to the effect of the housing market closure between March-June 2020.
PropertyPal: Housing Market Trends Q2 2021 | 3
Prices by houses and apartments
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
ApartmentsHouses
£200,000
£180,000
£160,000
£140,000
£120,000
£100,000
Apartments
£135,500
Houses
£184,200
Annual price growth
Annual price growth
Quarterly price growth
Quarterly price growth
All properties
£179,800Annual
price growthQuarterly
price growth
2.1% 7.3%
7.4%
2.0%
5.9%
3.0%
N.Ireland prices: Q2 2021
“Both sales and pricing activity accelerated during the second quarter of the year. Consumer confidence is improving in line with the easing of restrictions and the wider economic recovery.
Borrowing costs are exceptionally low by historic standards and ongoing lender competitiveness suggests this may improve further in the coming months. Underlying demand remains at
exceptionally high levels and reduced property stock has meant upward pressure on prices, particularly for larger properties in desirable areas. Whilst there are some early signals that buyer
demand is beginning to moderate, the overall near-term activity is expected to be strong.
PropertyPal: Housing Market Trends Q2 2021 | 4
new properties available to purchase in Q2 2021
New inventory % change vs. Q2 2019*
Total inventory % change vs. Q2 2019*
8,231
3%
-33%
7,441houses
Location of advertised sales properties
Armagh City,Banbridge
& Craigavon
11%
Belfast
21%
Lisburn &Castlereagh
10%
Ards &North Down
11%
Antrim &Newtownabbey
9%
Mid &East Antrim
9%
CausewayCoast & Glens
8%
Newry, Mourne& Down
7%
Derry City& Strabane
5%
Mid Ulster
4%
Fermanagh& Omagh
4%
New listings on PropertyPal
790apartments
*Note: Annual comparisons for sales volumes and supply levels are relative to the period in 2019 due to the effect of the housing market closure between March-June 2020.
PropertyPal: Housing Market Trends Q2 2021 | 5
House prices by number of bedrooms
Houses Average price Annual price growth Quarterly price growth
2 bed £110,300 7.7% 1.6%
3 bed £150,400 6.5% 1.7%
4 bed £248,900 7.7% 1.9%
5+ bed £368,800 11.1% 3.8%
All houses £184,200 7.4% 2.0%
Apartments Average price Annual price growth Quarterly price growth
1 bed £99,800 8.6% 6.4%
2 bed £130,800 8.0% 3.5%
3+ bed £190,000 -4.0% -0.6%
All apartments £135,500 5.9% 3.0%
£0
£100,000
£200,000
£300,000
£400,000
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
2 bed3 bed4 bed5+ bed
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
1 bed2 bed3+ bed
£240,000
£180,000
£120,000
£60,000
£0
ApartmentsHouses
PropertyPal: Housing Market Trends Q2 2021 | 6
House prices across Northern Ireland
Derry City& Strabane
Causeway Coast& Glens
Fermanagh& Omagh
Mid Ulster
Mid & EastAntrim
Antrim &Newtownabbey
Belfast
Lisburn &Castlereagh
Armagh City,Banbridge & Craigavon
Newry, Mourne& Down
Ards &North Down
Belfastall properties£196,100
annual5.6%
quarterly0.2%
Antrim & Newtownabbeyall properties£164,700
annual6.7%
quarterly3.7%
Mid & East Antrimall properties£159,000
annual10.9%
quarterly5.9%
Causeway Coast & Glensall properties£178,500
annual10.7%
quarterly5.6%
Derry City & Strabaneall properties£148,400
annual7.2%
quarterly4.4%
Ards & North Downall properties£211,500
annual13.6%
quarterly3.6%
Lisburn & Castlereaghall properties£204,600
annual6.2%
quarterly2.8%
Newry, Mourne & Downall properties£180,200
annual6.0%
quarterly1.6%
Armagh City, Banbridge & Craigavon
all properties£152,700
annual5.2%
quarterly0.5%
Mid Ulsterall properties£151,100
annual4.8%
quarterly3.3%
Fermanagh & Omaghall properties£146,400
annual4.3%
quarterly3.3%
All properties
£179,800Annual
price growthQuarterly
price growth
2.1% 7.3%
Northern Ireland
PropertyPal: Housing Market Trends Q2 2021 | 7
+17%
+19%
+29%
+61%
% Change in house salesby number of bedrooms,
Q2 2021 vs. Q2 2019*
2,000
0
4,000
6,000
8,000
10,000
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
Q4 201
5
Q3 201
5
Q2 201
5
Q1 201
5No. of ‘sale agreed’ properties by quarter, N.Ireland, 2015-2021
Sale agreed properties
24%higher than the same
period in 2019*
No. of sale agreed properties
4/5 bedIncreasing proportion of sales of
houses compared to2/3 bed houses
*Note: Annual comparisons for sales volumes and supply levels are relative to the period in 2019 due to the effect of the housing market closure between March-June 2020.
PropertyPal: Housing Market Trends Q2 2021 | 8
Top selling areas across Northern Ireland
Area Sales Council Area
Botanic 298 Belfast
Titanic 267 Belfast
Ormiston 245 Belfast
Causeway 233 Causeway Coast & Glens
Lurgan 216 Armagh, Banbridge & Craigavon
Bangor Central 202 Ards & North Down
Lisnasharragh 189 Belfast
Bangor East & Donaghadee 176 Ards & North Down
Castle 174 Belfast
Castlereagh South 174 Lisburn & Castlereagh
Holywood & Clandeboye 168 Ards & North Down
Newtownards 164 Ards & North Down
Lisburn North 161 Lisburn & Castlereagh
Oldpark 160 Belfast
Ards Peninsula 160 Ards & North Down
0
500
1,000
1,500
2,000
Ferm
anag
h & O
mag
h
Mid
Ulster
Derry
& St
raba
ne
Newry
, Mou
rne &
Dow
n
Cause
way C
oast
& Glen
s
Mid
& East
Antrim
Antrim
& N
ewto
wnabb
ey
Lisbu
rn &
Cas
tlere
agh
Armag
h, Ban
bridg
e & C
raiga
von
Ards &
Nor
th D
own
Belfas
t
% change vs. Q2 2019 (RHS)*Total sales (LHS)
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Sale agreed properties in Q2 2021 by location No. of ‘sale agreed’ properties by detailed location, Q2 2021
*Note: Annual comparisons for sales volumes and supply levels are relative to the period in 2019 due to the effect of the housing market closure between March-June 2020.
PropertyPal: Housing Market Trends Q2 2021 | 9
Average days on market to reach sale agreed
0
10
20
30
40
50
60
70
80
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9ApartmentsHouses
Average days on market to reach ‘sale agreed’, N. Ireland, 2019-2021
Note: Based on listed property date until ‘sale agreed’ within 6 months of listing
No.
of
days
Average days on market for houses to reach ‘sale agreed’
Average days on market for apartments to reach ‘sale agreed’
37 days
44 days
74 days
64 days
Q2 2020 vs. Q2 2021
PropertyPal: Housing Market Trends Q2 2021 | 10
“
Rents by houses and apartments
Apartments
£700p/m
Houses
£674p/m
Annual rent growth
Aver
age
rent
per
mon
th
Annual rent growth
Quarterly rent growth
Quarterly rent growth
All properties
£682p/m
Annualrent growth
Quarterlyrent growth
1.3% 5.8%
5.8%
1.7%
5.8%
0.4%
ApartmentsHouses
£500
£600
£700
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
The ongoing supply/demand imbalance is most pronounced in the rental sector. Record high demand has failed to be met with significantly constrained supply levels. There was an average of 44 enquiries sent to estate agents for each rental property on PropertyPal during the previous 3
months. This compares to an average of 17 enquiries during the same period in 2019. Improving mortgage market conditions with more lenders offering mortgage options to those with low
deposit levels may appeal to first time buyers who are currently renting. Failing a significant uplift in the number of rental properties coming to the market, or an unexpected drop in demand,
it is likely the near-term outlook will continue to put upward pressure on rents.
N.Ireland rents: Q2 2021
PropertyPal: Housing Market Trends Q2 2021 | 11
new properties available to rent in Q2 2021
3,452
1,460apartments
Location of advertised rental properties
1,992houses
Armagh City,Banbridge
& Craigavon
8%
Belfast
52%
Lisburn &Castlereagh
7%
Mid &East Antrim
6%
Antrim &Newtownabbey
6%
Ards &North Down
6%
Newry, Mourne& Down
3%
CausewayCoast & Glens
4%
Mid Ulster
3%
Derry City& Strabane
2% Fermanagh& Omagh
2%
New listings on PropertyPal
New inventory % change vs. Q2 2019*
Total inventory % change vs. Q2 2019*
7%
-27%
*Note: Annual comparisons for sales volumes and supply levels are relative to the period in 2019 due to the effect of the housing market closure between March-June 2020.
PropertyPal: Housing Market Trends Q2 2021 | 12
Rents by number of bedrooms
Houses Average rent p/m Annual rent growth Quarterly rent growth
2 bed £564 4.1% 1.3%
3 bed £642 4.8% 1.6%
4 bed £920 10.4% 2.8%
5+ bed £1,287 12.3% 1.3%
All houses £674 5.8% 1.7%
Apartments Average rent p/m Annual rent growth Quarterly rent growth
1 bed £553 3.6% -0.1%
2 bed £687 5.6% 0.5%
3+ bed £951 8.4% 0.4%
All apartments £700 5.8% 0.4%
2 bed3 bed4 bed5+ bed
£325
£0
£650
£975
£1,300
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
£250
£0
£750
£1,000
£500
Q2 202
1
Q1 202
1
Q4 202
0
Q3 202
0
Q2 202
0
Q1 202
0
Q4 201
9
Q3 201
9
Q2 201
9
Q1 201
9
Q4 201
8
Q3 201
8
Q2 201
8
Q1 201
8
Q4 201
7
Q3 201
7
Q2 201
7
Q1 201
7
Q4 201
6
Q3 201
6
Q2 201
6
Q1 201
6
1 bed2 bed3+ bed
ApartmentsHouses
Aver
age
rent
per
mon
th
Aver
age
rent
per
mon
th
PropertyPal: Housing Market Trends Q2 2021 | 13
Rents across Northern Ireland
Derry City& Strabane
Causeway Coast& Glens
Fermanagh& Omagh
Mid Ulster
Mid & EastAntrim
Antrim &Newtownabbey
Belfast
Lisburn &Castlereagh
Armagh City,Banbridge & Craigavon
Newry, Mourne& Down
Ards &North Down
Belfastall properties£756p/m
annual4.1%
quarterly0.9%
Antrim & Newtownabbeyall properties£586p/m
annual4.3%
quarterly1.5%
Mid & East Antrimall properties£558p/m
annual4.1%
quarterly1.0%
Causeway Coast & Glensall properties£554p/m
annual2.0%
quarterly1.0%
Derry City & Strabaneall properties£575p/m
annual� -0.5%
quarterly� -1.0%
Ards & North Downall properties£690p/m
annual7.7%
quarterly3.9%
Lisburn & Castlereaghall properties£690p/m
annual5.9%
quarterly2.1%
Newry, Mourne & Downall properties£583p/m
annual4.4%
quarterly1.7%
Armagh City, Banbridge & Craigavon
all properties£538p/m
annual3.6%
quarterly1.7%
Mid Ulsterall properties£543p/m
annual5.4%
quarterly2.8%
Fermanagh & Omaghall properties£489p/m
annual� -1.8%
quarterly� -2.3%
All properties
£682p/m
Annualprice growth
Quarterlyprice growth
1.3% 5.8%
Northern Ireland
Jordan Buchanan
jordan.buchanan@propertypal.com
@jbuchanan0707
PropertyPal Chief Economist
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@PropertyPal
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Methodology: The price and rental statistics are based on arithmetic averages of newly listed properties based on advertised asking price/rents in each calendar month. The price and rental indices produced are weighted to reflect the market share of each property type. The data has been cleansed to remove outliers and anomalies. This report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology.
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