Mortgage Magic: Sales Soar, Rentals Retreat
- Sarah Ruivivar
- Mar 2
- 1 min read
Updated: 4 days ago
Northern Ireland is buzzing with excitement as improved mortgage affordability is driving a delightful shift towards home ownership.
PropertyPal reports a 13% jump in sales enquiries year-on-year, leaving rental enquiries trailing at a modest 6% growth. It seems the allure of owning a home is outshining renting, with the average rent for a 2/3 bed property now £104 more than the average mortgage payment.
Homes are flying off the market faster than last year, with the average time to sale agreed now just 54 days. House prices are also on the up, with the average home costing £239,862—a 5% increase from last year.
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Jordan Buchanan, CEO at PropertyPal, notes that the market is enjoying a sustainable 5% annual growth in both house prices and rents. Recent base rate cuts are making mortgages more attractive, and with inflation easing, further rate cuts could be on the horizon.
Though January saw 1,487 house sales—down 14% from recent averages—this dip seems to be a mere blip, with activity picking up as we head into the bustling spring market. So, whether you're a buyer, seller, or just a property enthusiast, keep your eyes peeled for exciting developments in the months ahead!
Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here
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