House prices in Derry City and Strabane rise 12.3%

The property sales website reported that the housing market in the North generally demonstrated strong performance in Quarter 4 in 2024.

The situation with house prices was robust, it said, with the price of an average home in the North 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.

In the Derry City and Strabane area, there was a 4 per cent increase in agreed sales in Q4 2024 compared to Q4 2023. The number of agreed sales increased from 279 in Q4 2023 to 293 in Q4 2024. Average house prices also increase between Q4 2023 and Q4 2024.

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."