The average first-time buyer in Northern Ireland would need to find a deposit of more than £17,000 to get on the first rung of the property ladder, a trends index shows.
And they can then expect their average monthly mortgage payment, based on that 10% deposit on a £173,400 house and on a two-year fix over 30 years, to come in at £900.
The figures are contained in online portal PropertyPal’s market snapshot for July, which offers an insight into the current housing market landscape across the north.
Among the key findings for the month were that sales enquiries increased by 6% and rental enquiries by 3%.
The barometer also found that the average price of a new build in the north is now £246,300, which is up 5.4% on the July 2023 figure.
Jordan Buchanan, chief executive at PropertyPal, said: “The Northern Ireland housing market showed robust performance in July, marking the initial activity following the UK general election and the Bank of England’s first rate cut.
“PropertyPal searchers sent 6% more enquiries to estate agents with properties for sale and a 3% increase in the rental adverts compared to the previous year.
“Additionally, the supply of new listings increased by 5%, indicating growing confidence among sellers and adding to much needed market supply.
“Most notably, there was a significant 15% increase in the number of properties agreed for sale compared to last summer’s activity.
“The average time to secure a buyer is now about 45 days - marginally faster than last year and nearly two weeks quicker than pre-Covid-19 levels, while the listed time to reach let agreed averaged at 31 days.
“This acceleration in market conditions has contributed to a rise in property prices, which are up approximately 4.5% over the past year.”
According to the report, the three top-selling locations in July by local council area were Mallusk (Antrim & Newtownabbey), Ballygrainey (Ards & North Down) and Windsor (Belfast).
