NI housing market: Sales down by 18% in first nine months of 2023

Housing markets across the UK have cooled as rising interest rates have made mortgages more expensive

House sales in Northern Ireland were down by 18% in the first nine months of 2023, official figures suggest.

The data from HMRC showed there were 17,410 transactions up to September, compared to 21,300 in the same period of 2022.

Housing markets across the UK have cooled as rising interest rates have made mortgages more expensive.

The third quarter of the year was the busiest so far but was still down by 15% compared to 2022.

There were an estimated 6,400 transactions in quarter three 2023, compared to 7,520 in 2022.

• What is happening to house prices?

• NI 'most affordable region in the UK to buy a house'

• Surprise increase in house prices in NI

The most recent official data showed house prices in Northern Ireland saw a surprise increase in the second quarter of 2023.

The official House Price Index saw a 1.4% increase compared to the first quarter of the year, giving an average price of just under £174,000.

Prices were 2.7% higher when compared to the same period in 2022.

The third quarter price figures are due to be published next month.