housing market trends · 2020. 8. 5. · propertypal: housing market trends q2 2020 | 5 house...

Housing Market Trends:Q2 2020

PropertyPal: Housing Market Trends Q2 2020 | 2

Housing market overview: Q2 2020

Sales Rentals

Apartments

£126,700Apartments

£667p/m

Houses

£173,700Houses

£639 p/m

Annual price growth Annual rent growth Annual price growth Annual rent growth

Quarterly price growth Quarterly rent growth

All properties

£169,400All properties

£648 p/m

Annual price growth Annual rent growthQuarterly price growth Quarterly rent growth

-0.5% 1.4%1.6% 2.9%

1.9% 2.2% 4.4%

-0.3%

-2.1%

-3.0%Quarterly price growth Quarterly rent growth

0.9% 2.3%


Prices by houses and apartments

£100,000

£140,000

£120,000

£80,000

£60,000

£200,000

£180,000

£160,000

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

Apartments

£126,700

Houses

£173,700

Annual price growth

Annual price growth

Quarterly price growth

Quarterly price growth

All properties

£169,400Annual

price growthQuarterly

price growth

-0.5%1.6%

1.9%

-0.3%

-2.1%

-3.0%

N.Ireland prices: Q2 2020

“Covid-19 has had a profound and immediate impact on the Northern Ireland economy and housing market. It is clear we are in the midst of a deep recession and is unsurprising that there has been some housing market impacts. Overall

house prices fell by 0.5% during the previous 3 months, however the downward pressure was more significant for apartments, whereby prices fell by 3.0%,

perhaps reflecting new demand patterns.


new properties available to purchase in Q2 2020

less than the same period last year due to lockdown measures

2,372

64%

2,176houses

Location of advertised sales properties

Ards &North Down

10%

Belfast

19%

Lisburn &Castlereagh

9%

Armagh City,Banbridge

& Craigavon

13%

Mid &East Antrim

8%

CausewayCoast & Glens

8%

Newry, Mourne& Down

8%

Antrim &Newtownabbey

8%

Derry City& Strabane

6%

Fermanagh& Omagh

6%

Mid Ulster

5%

New listings on PropertyPal

196apartments


House prices by number of bedrooms

Houses Average price Annual price growth Quarterly price growth

2 bed £103,400 5.3% 2.6%

3 bed £141,300 2.8% 0.3%

4 bed £232,500 1.3% -0.8%

5+ bed £325,200 -0.1% -2.6%

All houses £173,700 1.9% -0.3%

Apartments Average price Annual price growth Quarterly price growth

1 bed £92,800 0.3% -6.2%

2 bed £121,900 -1.8% -2.9%

3+ bed £200,500 -4.7% -2.2%

All apartments £126,700 -2.1% -3.0%

£50,000

£0

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

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

£50,000

£100,000

£0

£150,000

£200,000

£250,000

£300,000

£350,000

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


House prices across Northern Ireland


Causeway Coast& Glens

Fermanagh& Omagh

Mid Ulster

Mid & EastAntrim


Belfast


Armagh City,Banbridge & Craigavon

Newry, Mourne& Down

Ards &North Down

Belfastall properties£188,900

annual3.9%

quarterly0.5%

Antrim & Newtownabbeyall properties£158,500

annual�2.3%

quarterly� -1.2%

Mid & East Antrimall properties£144,800

annual� -0.5%

quarterly� -2.9%

Causeway Coast & Glensall properties£163,500

annual� -2.0%

quarterly� -4.5%

Derry City & Strabaneall properties£140,400

annual� -0.2%

quarterly� -2.1%

Ards & North Downall properties£188,900

annual� -2.4%

quarterly� -1.8%

Lisburn & Castlereaghall properties£195,700

annual�1.9%

quarterly� -0.8%

Newry, Mourne & Downall properties£173,600

annual2.8%

quarterly0.6%

Armagh City, Banbridge & Craigavon

all properties£145,000

annual2.7%

quarterly0.3%

Mid Ulsterall properties£144,000

annual0.9%

quarterly0.3%

Fermanagh & Omaghall properties£138,300

annual�1.0%

quarterly� -2.9%

All properties

£169,400Annual

price growthQuarterly

price growth-0.5% 1.6%

Northern Ireland


“

Rents by houses and apartments

Apartments

£667p/m

Houses

£639p/m

Annual rent growth

Aver

age

rent

per

mon

th

Annual rent growth

Quarterly rent growth

Quarterly rent growth

All properties

£648p/m

Annualrent growth

Quarterlyrent growth

1.4%2.9%

2.2%

0.9%

4.4%

2.3%

ApartmentsHouses

£500

£550

£650

£600

£700

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 rental market has remained buoyant in the second quarter of 2020 and in times of economic uncertainty is typically favoured over the sales market.

Lockdown measures resulted in a reduced supply of properties available alongside an increase in demand. This dual supply and demand shock

led to an immediate upward pressure on rents.

N.Ireland rents: Q2 2020


new properties available to rent in Q2 2020

less than the same period last year due to lockdown measures

2,298

21%

1,061apartments

Location of advertised rental properties

1,237houses

Belfast

60%

Mid &East Antrim

6%

Ards &North Down

6%


6%

CausewayCoast & Glens

5%

Armagh City,Banbridge

& Craigavon

5%

Mid Ulster

3%Antrim &

Newtownabbey

3%


2%

Newry, Mourne& Down

2% Fermanagh& Omagh

2%

New listings on PropertyPal


Rents by number of bedrooms

Houses Average rent p/m Annual rent growth Quarterly rent growth

2 bed £539 3.6% 0.8%

3 bed £613 1.8% 0.9%

4 bed £838 1.0% 1.1%

5+ bed £1,159 8.3% -0.1%

All houses £639 2.2% 0.9%

Apartments Average rent p/m Annual rent growth Quarterly rent growth

1 bed £529 6.1% 1.5%

2 bed £656 4.4% 2.4%

3+ bed £879 3.9% 1.8%

All apartments £667 4.4% 2.3%

£400

£600

£200

£0

£800

£1,000

£1,200

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

£400

£200

£0

£600

£800

£1,000

£1,200

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


Rents across Northern Ireland


Causeway Coast& Glens

Fermanagh& Omagh

Mid Ulster

Mid & EastAntrim


Belfast


Armagh City,Banbridge & Craigavon

Newry, Mourne& Down

Ards &North Down

Belfastall properties£735p/m

annual4.2%

quarterly1.5%

Antrim & Newtownabbeyall properties£551p/m

annual�0.6%

quarterly� -0.5%

Mid & East Antrimall properties£522p/m

annual� -0.7%

quarterly� -1.9%

Causeway Coast & Glensall properties£544p/m

annual5.9%

quarterly1.5%

Derry City & Strabaneall properties£564p/m

annual�3.8%

quarterly� -0.6%

Ards & North Downall properties£633p/m

annual� -0.6%

quarterly� -1.4%

Lisburn & Castlereaghall properties£646p/m

annual1.1%

quarterly0.2%

Newry, Mourne & Downall properties£545p/m

annual1.5%

quarterly1.1%

Armagh City, Banbridge & Craigavon

all properties£517p/m

annual1.3%

quarterly0.6%

Mid Ulsterall properties£507p/m

annual8.7%

quarterly0.1%

Fermanagh & Omaghall properties£467p/m

annual4.8%

quarterly1.6%

All properties

£648p/m

Annualprice growth

Quarterlyprice growth

1.4% 2.9%

Northern Ireland

Jordan Buchanan

[email protected]

@jbuchanan0707

PropertyPal Chief Economist

Follow us online

www.propertypal.com

@PropertyPal

PropertyPal

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This publication has been prepared by PropertyPal for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication.

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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.

housing market trends · 2020. 8. 5. · propertypal: housing market trends q2 2020 | 5 house...

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