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Average first-time buyer in Northern Ireland must shell out £17,300 for deposit

Sales enquiries increase by 6% and rental enquiries by 3% in July says PropertyPal

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
A first time buyer in the north would have to find £17,300 for a deposit, according to data from PropertyPal (Peter Dazeley/Getty Images)

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.

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
Where the sales hotspots were in the north during July (Gary)

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.

PropertyPal’s chief operating officer, Jordan Buchanan.
PropertyPal chief executive Jordan Buchanan

“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).