House prices in Newry, Mourne and Down increase by 6.5%
House prices in the Newry, Mourne and Down area have increased, according to latest figures.
In the Newry, Mourne and Down area, there was a 1% increase in agreed sales in Q4 2024 compared to Q4 2023, according to PropertyPal’s latest quarterly report.
The number of agreed sales increased from 328 in Q4 2023 to 322 in Q4 2024. Average house prices also increased between Q4 2023 and Q4 2024. They were up 6.5% with the average house price in Newry, Mourne and Down being £241,200 in Q4 2024.
The Northern Ireland housing market demonstrated strong performance in Q4 2024, with buyer confidence driving an 11% increase in agreed sales compared to the same period in 2023.
This growth was supported by a 12% increase in newly listed properties for sale, with 4,527 homes added to the market during Q4 2024 compared to just over 4,000 in Q4 2023. The additional supply helped meet growing demand and contributed to heightened market activity.
The situation with house prices is also robust, with the price of an average home in Northern Ireland increasing by 6.4% on an annual basis when comparing Q4 2024 against Q4 2023. Price growth was observed across all council areas on both a yearly and quarterly basis, with Derry City & Strabane experiencing the highest rise as average prices increased by 12.3% over the year.
Commenting on the NI market, Jordan Buchanan, CEO of PropertyPal said: "The local housing market ended 2024 on a strong note, with renewed confidence and activity driving momentum. Housing transactions, a key indicator of economic confidence, showed encouraging growth with approximately 5,700 newly agreed sales in Q4, an 11% increase compared to last year.
"The typical time to find a buyer has also improved, now averaging 47 days, down from the long-term average of over 60 days.
"A persistent challenge in recent years has been the lack of new supply, but there are signs of cautious optimism. Newly listed properties for sale increased by 12% over the past year. On the pricing front, the average home now costs around £220,000, marking a 6.4% annual increase and a 1.7% rise over the past three months.
"Looking ahead, buyer sentiment remains positive, with search activity on PropertyPal up 15% and enquiries to estate agents increasing at similar levels. While the broader economic backdrop remains uncertain, recent positive inflation data should offer some relief to the Bank of England as they consider future interest rate movements. How quickly this translates to changes in mortgage pricing remains to be seen, but early indicators suggest a busy Q1 for the market."