THE number of home sales in Northern Ireland in September was 17 per cent lower than in the same month in 2022, according to HM Revenue and Customs (HMRC) figures.
Housing market experts said would-be buyers have been waiting to see how the economy develops.
An estimated 2,320 home sales took place in the north in September, which was higher than the August figure of 2,260 but well down on the figure of 2,740 in the same month in 2022.
In the financial year so far (April to September), an estimated 12,010 home sales have taken place in the north, the HMRC statistics show.
In the UK as whole, 85,610 home sales took place in September, which was also 1% lower than in August.
Mortgage rates have jumped amid a string of Bank of England base rate rises, but there have been some recent signs of fixed-rates edging down amid expectations around inflation.
Strong wage growth may also help to support some transactions, although households remain squeezed by rising bills.
Iain McKenzie, chief executive of the Guild of Property Professionals, said: "Although there are signs that the economy is recovering, the reality for many households is that they are still not able to afford to buy in the current climate.
"Budgets are squeezed and some may have dipped into their deposit savings to get them through the cost-of-living crisis."
Charlotte Nixon, a mortgage expert at wealth manager Quilter, said if the number of property deals continues to drop "prices will drop with them".
