HOME sales in the north slipped back in November, compared with October, but were higher than the same month a year earlier, according to HM Revenue and Customs (HMRC) figures.
Some 2,430 house sales were tracked across Northern Ireland in November 2024, which was 12% lower than the 2,760 recorded in October.
But the provisional figure for the month was 15% higher than November 2023.
The data compiled by HMRC, recorded 23,210 residential property transactions in the north during the first 11 months of 2024.
That was 1,640 (7.6%) up year-on-year, reflecting a recovery in the housing market following the mortgage crisis of late 2022, which hit sales in 2023.
But housing market activity was 13% down on the comparative period from 2022 and 36% below the activity tracked in the first 11 months of 2021.
HMRC’s monthly residential property transaction tracker is largely based on stamp duty land tax records, as well as land and buildings transaction tax and land transaction tax.
The Northern Ireland data broadly reflected the broader trend within the UK housing market.
The Bank of England recently reported that the number of mortgage approvals made to home buyers dipped in November.
Some 65,700 mortgage approvals for house purchases were recorded in November, which was around 2,400 lower than October but above the previous 12-month average of 60,400.
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Tom Bill, head of UK residential research at Knight Frank, said: “This is the third crack that has appeared in the UK housing market since borrowing costs jumped after the Budget.
“We saw a drop in mortgage approvals in November and the latest Halifax house price data showed a monthly drop in December. As higher borrowing costs start to bite harder we would expect more downwards pressure on house prices and transaction activity in 2025.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Swap rates (which lenders use to price loans) have been mostly trending upwards since mid-December as the outlook suggests fewer rate cuts this year than previously thought.
“Despite this, a number of lenders including Halifax, HSBC and Leeds Building Society have made significant reductions to their fixed rates as they attempt to build a pipeline of business for the new year.
“However, other lenders have moved in the opposite direction and have raised some rates.”
He added: “Lenders who are increasing their pricing may be more sensitive to swap rate rises than bigger lenders who have more funds in savings to call upon and are better able to absorb any increases in swaps.”
Iain McKenzie, chief executive of the Guild of Property Professionals, said: “Despite a less-than-ideal start, the housing market proved resilient and finished 2024 strongly. This year the housing market has started in a much stronger position with more choice for buyers and a strong sales pipeline.”
